New GST rules to be applicable from 1st May for businesses having turnover more than Rs.100 Cr.

Starting May 1, 2023, businesses with an annual turnover of 100 crore and above will have to upload their electronic invoices on the Invoice Registration Portal (IRP) within 7 days of issuing the invoice, according to an advisory by GST Network (GSTN). Currently, businesses upload invoices on the IRP on the current date, regardless of the date of issue. The new rule will require taxpayers to report old invoices within 7 days of the reporting date. Failure to upload invoices on the IRP could lead to businesses being unable to claim input tax credit (ITC) as per GST law.

The new rule will not apply to debit or credit notes, and businesses with a turnover of 10 crore and above are required to generate electronic invoices for all B2B transactions. E-invoicing for business-to-business (B2B) transactions became mandatory for companies with a turnover of over 500 crore on October 1, 2020, and was later extended to those with a turnover of over 100 crore on January 1, 2021. The threshold was lowered to 50 crore on April 1, 2021, and further reduced to 20 crore on April 1, 2022. On October 1, 2022, the threshold was lowered to 10 crore.

Meanwhile, tax officers detected over 1.01 lakh crore in GST evasion during the 2022–23 fiscal year, nearly double that of the previous year, according to an official. The officers of the Directorate General of GST Intelligence (DGGI) made a recovery of Rs 21,000 crore during the last fiscal. The government is taking steps to increase compliance and using data analytics and human intelligence to identify fraud, said the official. The total number of GST evasion cases has increased this fiscal year, with about 14,000 cases detected in 2022–23, up from 12,574 cases in 2021–22 and 12,596 cases in 2020–21.