Apprehensions have been mounting resulting from extra entries posted resulting from year-end fees originating from auditor suggestions and annual reconciliations.
As per GST regulation, companies can’t avail enter tax credit score (ITC) if invoices should not uploaded on the IRP.
GSTN has deferred by 3 months the implementation of time restrict for companies with turnover of over Rs 100 crore to add their previous e-invoices.
Last month the GST Network had imposed a timeline for companies with turnover of Rs 100 crore and above for importing e-invoices on the Invoice Registration Portal (IRP) inside 7 days of the problem of such invoices starting May 1.
Previously, there was no such restriction for companies to add the invoices on the IRP.
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As per GST regulation, companies can’t avail enter tax credit score (ITC) if invoices should not uploaded on the IRP.
In an advisory to taxpayers on May 6, GST Network mentioned it has been determined by the competent authority to defer the imposition of time restrict of seven days on reporting previous e-invoices on the e-invoice IRP portals for taxpayers with combination turnover better than or equal to Rs 100 crore by three months.
AMRG & Associates Senior Partner Rajat Mohan mentioned in the previous few days, even giant companies have been perplexed over this new requirement to concern e-invoice inside 7 days of the bill date.
Apprehensions have been mounting resulting from extra entries posted resulting from year-end fees originating from auditor suggestions and annual reconciliations.
“Large companies at the moment are given an extension over subsequent three months in order that mentioned provisions might have a clean implementation,” Mohan added.
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