Experts feel that the new rule will help the government stop backdating e-invoices by large companies. There are chances that the government may extend the rule to other companies with lower turnover in the future.
A new rule has become mandatory for businesses with an annual turnover of Rs 100 crore from May 1, 2023. All such firms will have to upload their electronic invoices on the Invoice Registration Portal (IRP) within seven days of the issue of such invoice.
The IRP is used for validating if invoices are actually genuine. It is used to generate and assign a unique Invoice Reference Number to every GST invoice.
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