e-invoice methods: Companies over turnover over Rs 100 cr can’t report e–invoices older than 30 days from Nov 1

“It has been determined by the GST Authority to impose a time restrict of 30 days for reporting of invoices from date of bill, on e-invoice portals,” stated an advisory issued by the GST e-invoice methods on Monday.

“This time restrict is relevant for taxpayers with AATO higher than or equal to 100 crores,” it added.

Earlier the time restrict proposed by the Central Board of Oblique Taxes and Customs (CBIC) was seven days, nonetheless it was additional relaxed to 30 days being attentive to considerations raised by the companies.

The e-Bill System is for GST-registered individuals for importing all of the business-to-business (B2B) invoices to the Bill Registration Portal (IRP).

The IRP generates and returns a novel Bill Reference Quantity (IRN), digitally signed e-invoice and QR code to the userThe advisory clarified that this restriction will apply to all doc sorts for which IRNs are to be generated, together with the Credit score, Debit word.“CBIC could prolong these provisions to all taxpayers within the coming months if all goes effectively,” stated Rajat Mohan, senior companion, AMRG & associates.

“This reform will guarantee on-time tax cost by regulating the reporting of tax bill delays and enhancing the GST ecosystem as an entire,” Mohan added.