Starting from May 1, 2023, businesses with an annual turnover of Rs 100 crore or more will be required to abide by a new GST rule. This rule mandates the uploading of electronic invoices on the Invoice Registration Portal (IRP) within seven days of their issue. The IRP is utilized to validate that these invoices are actually genuine and to assign them a unique Invoice Reference Number for GST purposes.
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Therefore, taxpayers must ensure that they report the invoice within the given time frame as they cannot avail the Input Tax Credit (ITC) if the invoice is not uploaded on the Integrated Reporting Portal (IRP).
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The government is utilizing data analytics and human intelligence to identify fraud while taking steps to increase compliance. The official stated, “In 2022-23, the DGGI officers detected evasion amounting to ₹1,01,300 crore, with a recovery of ₹21,000 crore made.” In the prior year, the DGGI uncovered over ₹54,000 crore in evasion and recovered more than ₹21,000 crore in taxes. In 2022-23, approximately 14,000 GST evasion cases were detected, up from 12,574 in 2021-22 and 12,596 cases in 2020-21.
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