GST: E-invoice Update as on 13th April, 2023
🔴GST E-INVOICE Update as on 13th April 2023:🔴
↩️Brief Background:
If annual aggregate turnover is more than 10 crore then E-invoice provisions are applicable.
↩️E-invoice is required to be generated for:
1. Invoices
2. Debit notes
3. Credit notes.
🔰GSTN Advisory as on 13th April 2023:
If annual aggregate turnover is more than 100 crore and generation of e-invoice is missed (invoices, debit or credit notes) for any of the domestic B2B or export transactions, it is advisable to generate the same on or before 30th April 2023.
🔰After 30th April, 2023: E-invoices can be generated only upto 7 days from the date 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.
🔰If annual aggregate turnover is between 10 crore to 100 crore: there is no such reporting restriction.