|Update:||Compliance Alert - 7-day timeline for reporting invoices via IRP Portal|
The Goods and Services Tax Network of India announced its advisory on imposing a timeline for invoice reports through the IRP Portal.
The advisory covers an imposition of a time limit on old invoices reporting within the e-invoice IRP portals for taxpayers with Annual Aggregate Turn Over (AATO) more or equal to INR 100 crores (ca. EUR 11 million).
The report of invoices issued in seven days or more will not be allowed on the reporting date for taxpayers.
This limitation applies to all document types (including credit/debit notes) for which IRN is to be generated.
The 7-day timeline requirement is proposed to take effect from 1 May 2023.