Why in news? Businesses with turnover of Rs.100 crore and above will have to upload their electronic invoices on the IRP within 7 days of the issue of such invoice with effect from May 1.

Highlights:

• Currently, businesses upload such invoices on Invoice Registration Portal (IRP) on the current date, irrespective of the date of issue of such invoice.
• To ensure timely compliance, taxpayers in this category will not be allowed to report invoices older than 7 days on the date of reporting.
• This restriction will apply to invoice, and there will be no time restriction on reporting debit/credit notes

What is e-invoice ?

• e-Invoice is a system in which B2B invoices are authenticated electronically by GSTN for further use on the common GST portal.
• Under the electronic invoicing system, an identification number will be issued against every invoice by the Invoice Registration Portal (IRP) to be managed by the GST Network (GSTN).
• e-Invoicing does not imply the generation of invoices on the GST portal but it means submitting an already generated standard invoice on a common e invoice portal. Thus, it automates multi-purpose reporting with a one-time input of invoice details.
• It has many advantages for businesses such as standardisation, inter-operability, auto-population of invoice details into GST return and other forms (like e-way bill), reduction in processing costs, reduction in disputes, improvement in payment cycles and thereby improving overall business efficiency.