Time
Limit to issue E-Invoice Under Goods and Services Tax
The
GST Law doesn’t prescribe any time limit for the E-invoicing, because of that
many register person and professionals facing the issue regarding time limit of
issuing E-Invoice. This issue can be resolved by understanding the normal
provision regarding the time limit of issuing Tax Invoice.
Tax Invoice in Case of supply of
goods: It can be seen that in case of goods, an invoice
has to be issued before or at the time of supply.
Tax Invoice in Case of Supply of
Service: In case of services, however, invoice has to be
issued before or after provision of services. If the invoice is issued after
provision of service, it has to be done within the specified period of 30 days
from the date of supply of service, as per invoice rules.
If
we see that the normal provision of the GST Law regarding the Tax Invoice it
can seen that a Tax Invoice should be issued before or at the time of supply in
case of supply of goods and within the specified period of 30 days from the
date of supply of service.
GST Advisory on E-Invoicing
Further
the Government 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, taxpayers in this category will not be
allowed to report invoices older than 7 days on the date of reporting. Please
note that this restriction will apply to the all document types for which IRN
is to be generated. Thus, once issued, the credit / Debit note will also have
to be reported within 7 days of issue.
For
example, if an invoice has a date of April 1, 2023, it cannot be reported after
April 8, 2023. The validation system built into the invoice registration portal
will disallow the user from reporting the invoice after the 7-day window.
Hence,
it is essential for taxpayers to ensure that they report the invoice within the
7- day window provided by the new time limit. 5. It is further to clarify that
there will be no such reporting restriction on taxpayers with AATO less than
100 crores, as of now. 6. In order to provide sufficient time for taxpayers to
comply with this requirement, which may require changes to your systems, we
propose to implement it from 01.05.2023 onwards.
Disclaimer: All the Information is based on the notification, circular and order issued by the Govt. authority and judgement delivered by the court or the authority information is strictly for educational purposes and on the basis of our best understanding of laws & not binding on anyone.
