IMP GST UPDATE New Advisory on e invoicing by GSTIN ft

Are you a taxpayer with a high Aggregate Annual Turnover (AATO) of 100 crores or more under the GST regime in India? If so, it's crucial to be aware of the recent advisory issued by the Government regarding time limits for reporting old invoices on the e-invoice Invoice Registration Portal (IRP). In this video, we'll provide you with all the essential details you need to know about this update.

The Government has decided to impose a time limit on reporting old invoices on the e-invoice IRP portals for taxpayers with AATO greater than or equal to 100 crores to ensure timely compliance. As per the advisory, taxpayers in this category will not be allowed to report invoices older than 7 days on the date of reporting. This restriction will only apply to the document type invoice, and there will be no time restriction on reporting debit/credit notes.

The video will further explain the practical implications of this advisory, including examples of how the validation system on the invoice registration portal will disallow users from reporting invoices after the 7-day window. It will also highlight that there will be no such reporting restriction on taxpayers with AATO less than 100 crores, as of now.

The proposed implementation date for this requirement is 01.05.2023, giving taxpayers sufficient time to comply and make any necessary changes to their systems. The video will provide insights on how taxpayers can ensure timely reporting of invoices within the new time limit, and emphasize the importance of staying updated with GST regulations to avoid non-compliance penalties.

Stay informed and ensure timely compliance with this important advisory. Watch our video to understand the latest updates on time limits for reporting old invoices on the e-invoice IRP portals for taxpayers with AATO greater than or equal to 100 crores under the GST regime in India. Don't forget to like, share, and subscribe for more informative content on GST and taxation

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