National Informatics Center (NIC) has said that this rule will be applicable only for taxpayers eligible for e-challan. NIC has clarified that e-challan will not be required to generate e-way bills for customers and other types of transactions. In such a situation, these e-way bills will continue to be issued as before. The government has changed the rules to bring transparency in tax payment.

Therefore, the rule has been changed.

NIC, based on the analysis, has found that some eligible taxpayers for e-invoice are generating e-way bills for B2B (firm to firm) and B2E (companies to exporters) transactions without linking them to e-invoice. Making it. In some of these cases, the challan details recorded separately under e-way bill and e-challan are not matching in some parameters. Due to this, there is no matching between e-way bill and e-challan details.

That is why now NIC has told GST taxpayers that to avoid such situations, they will not be allowed to generate e-way bills without e-challan details from March 1, 2024. This e-invoice is applicable for competent taxpayers and transactions related to supplies under trade and export.

GST collection last month was Rs 1.64 lakh crore.

The total GST collection in the last month i.e. December 2023 was Rs 1.64 lakh crore. There was a 10 percent increase in GST collection on annual basis. The special thing is that December is the seventh month of this year in which GST collection of more than Rs 1.60 lakh crore has been done. The increasing figures of GST clearly show that industrial and business activities are increasing rapidly in the country.

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GSTN has said that from May 1, it will be necessary to upload the receipt of any transaction on the Invoice Registration Portal (IRP) within 7 days. Changes have been made in the rules for timely compliance of GST compliance.

According to GSTN, it will be necessary for all businessmen with a turnover of more than 100 crores to follow this rule from May 1. Under the new rule, businesses with a turnover of more than 100 crores will not be able to upload invoices older than 7 days. This means that the receipt of transactions older than 7 days will not be able to be uploaded on GSTN and returns cannot be claimed on it. However, this rule is only for invoices. Businessmen will be able to upload debit and credit notes even after 7 days.

Big loss to traders

GST rules say that if an invoice is not uploaded on IRP, then traders will not be able to take advantage of Input Tax Credit (ITC) on it. ITC is claimed to get back the difference between the raw material and the final product of a product. At present, companies can upload their e-invoices anytime, but they will have only 7 days after the new rule comes into force.

Experts say that the new rule will be helpful in increasing the GST collection . Along with this, companies will also get the benefit of ITC on time. Its purpose is to strengthen the process of digitization. Recently, the government had also made it mandatory for businesses or companies with a turnover of more than 100 crores to generate a GST invoice for every transaction.

Will be implemented for everyone in future

Experts say that this process is being implemented slowly and soon it will be made mandatory for all businessmen. At present, it has been made mandatory for traders with turnover of more than 10 crores to generate electronic invoices for all B2B transactions. The government had implemented this rule from October 1, 2022. Now both government and business will be benefited by timely uploading of e-invoices on IRP. On the one hand, it will help in increasing the GST collection and on the other hand, traders will be able to get the benefit of ITC soon.

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