Key Points
Under this, every assesses with a turnover of 100 crore or more is prohibited from reporting invoices that are more than 7 days old on the date of reporting...
An advisory issued by GSTN, the IT backbone of the indirect tax system, says the old invoices can be reported on e-invoice IRP (Invoice Registration Portal)..
Shilpa Dhobale, Head, Product and Strategy (IRISGST), at IRIS Business Services, says With the new 7-day time limit for generation of e-invoices, we are moving towards near real-time recording of economic activities in the country..
According to Vivek Jalan, Partner with Tax Connect Advisory, consider a case where an e-invoice is not made due to tech glitches on May 31 and the taxpayer comes to know this only on June 11, 2023, while filing GSTR-1..
Integrated solutions that provide visibility from IRN generation to its population in GST returns shall prove useful in the upcoming days, she said.. Jalan says, it is mandatory for taxpayers to do an invoice vs IRN reconciliation by the 7th of every month and generate e-invoice incase not generated in the last month..
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