 "Firms with Rs 100 cr turnover have to upload e-invoices within 7 days")
Companies with an annual turnover of at least Rs 100 crore will from May be unable to upload their invoices issued more than seven days ago on e-invoice portals. This means that recipients of these invoices would not be able to claim input tax credit under the goods and services tax (GST) regime if invoices more than seven days old are uploaded.
The time restriction applies to document-type invoices and not to report debit/credit notes.
Rajat Mohan, senior partner at AMRG & Associates, said suppliers are uploading invoices on the portal, irrespective of the date of issue. These invoices were accepted by GSTN till now and cover up for the non-compliance, he said.
Harpreet Singh, partner, indirect taxes at KPMG in India, said the new compliance system would require internal coordination and better information technology (IT) systems.
Saurabh Agarwal, tax partner at EY, said the move may help in increasing GST collections once the said limit of Rs 100 crore turnover is reduced significantly or is made mandatory for all assessees.