GSTN Extends E-Invoice Reporting Time Limit by 3 Months: Here's What You Need to Know

GSTN (Goods and Services Tax Network) is the backbone of the Goods and Services Tax (GST) system in India. It is a non-profit government entity responsible for providing a shared IT infrastructure and services to the Central and State Governments, taxpayers, and other stakeholders for the implementation of GST. The GSTN portal is the interface through which taxpayers can register, file tax returns, make tax payments, and claim credit under the GST regime.

The time limit for companies having a turnover of more than Rs 100 crore to submit their previous e-invoices has been postponed by GSTN by three months. Effective on May 1, the GST Network established a deadline for companies having annual revenue of at least Rs 100 crore to upload e-invoices on the Invoice Registration Portal (IRP) within a week of the issuing of such invoices.

The GSTN portal plays a crucial role in the implementation of GST in India. It facilitates seamless integration between the Central and State Governments, taxpayers, and other stakeholders. The GSTN portal provides a single platform for GST registration, return filing, and tax payment. It also offers various other services like GSTIN search, composition scheme, e-way bill generation, and refunds. Before, firms could upload invoices to the IRP without any restrictions. 

Businesses are not permitted to use input tax credits (ITC) under GST rules if invoices are not posted to the IRP. In a notice to taxpayers dated May 6, GST Network stated that the responsible authority has chosen to delay by three months the enforcement of the seven-day deadline for reporting outdated e-invoices on the e-invoice IRP portals for taxpayers with aggregated turnover higher than or equivalent to Rs 100 crore.

The GSTN portal simplifies the GST compliance process for taxpayers. It eliminates the need for multiple registrations and returns, thereby reducing compliance costs. The portal also ensures transparency and accountability in the GST system. It provides real-time data on tax collections, refunds, and compliance levels.

However, as per the media report, Rajat Mohan who is a senior partner at AMRG & Associates said that even major organizations have been confused by the new obligation to submit an e-invoice within a week of the day of the invoice. Concerns were growing as a result of extra entries made as a result of year-end charges resulting from auditor suggestions and yearly reconciliations.

According to Mohan, large firms have now been granted a three-month delay to allow for a seamless implementation of the aforementioned measures.