The Indian government has issued an advisory imposing restrictions on reporting invoices on the Invoice Registration Portal (IRP) to ensure timely compliance. Taxpayers with an annual turnover greater than or equal to INR 100 crores cannot report invoices older than seven days from the date of reporting. This restriction applies to all types of documents, including Debit/Credit Notes. The advisory does not affect taxpayers with an annual turnover less than INR 100 crores. The restriction will be imposed from 1 May 2023 onwards. The government aims to restrict back-dating of e-invoices by large taxpayers and ensure timely compliance. Taxpayers should take immediate action on invoices missed due to genuine reasons. The current process will change for taxpayers whose billing systems are not integrated with the IRP. Internal processes should be set up in case the time limit of seven days is missed due to genuine reasons. Sales registers should be reconciled with the e-invoice database for earlier tax periods, and vendors/suppliers liable to issue e-invoices but who have not generated them should be followed up with. Similar restrictions are expected for taxpayers with a turnover less than INR 100 crores.
Source Mondaq
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