Topic:  Learn all about the new time limit fixed for generating e-Invoices

Brief:- 

The GSTN released advisories on 12th April 2023 and 13th April 2023, notifying that certain taxpayers must report documents on the Invoice Registration Portals (IRP) within 7 days of the date on the invoice/CDN. The new restriction compels taxpayers to adopt real-time invoicing for their businesses.

The new time limit for e-Invoicing :- Report all tax invoices/CDNs issued within 7 days from the invoice date. 

Date of Implementation:-The IRPs/e-invoice portals will begin implementing this from 1st May 2023 onwards.

Who should comply?

All taxpayer businesses with Annual Aggregate Turnover (AATO) equal to or more than INR 100 crore must meet the time limit. 

Consequences of non-compliance

• Delays in reporting of e-invoices in GSTR-1
• Affects the flow of input tax credits along the supply chain
• Penalties of up to 25,000/- or 10,000/- per invoice for incorrect and lack of invoicing generation

How Clear can help

The Clear e-Invoicing and Clear GST solutions can help you as follows -

• We are the official IRP approved by the GSTN in India
• Enable autoflow of invoice data for an on-demand reconciliation and up-to-date sales register
• Secure always-on compliance with NIC and Clear IRP backup
• Generate e-Invoices in any 50+ template options within 200 ms versus the market average of 3 seconds
• Allows easy and automated reconciliation of e-invoices with sales register and provides MIS reports for actions