New GST regulations for businesses with a turnover of over ₹100 crore | GST Registration Process

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Businesses with a turnover of over 100 crore are required to comply with the New GST Regulations. They must upload their electronic bills on the Invoice Registration Portal (IRP) within 7 days of the issue of such invoice with effect from May 1, 2023. The IRP confirms that these invoices are genuine and assigns them a unique Invoice Reference Number for GST purposes.  Before the date mentioned, businesses used to upload electric invoices on IRP irrespective of their date of issuance. 

As per GSTN ‘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 new format was implemented from 1 May this year.

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What is the GST Invoice system?

The e-invoice system is for Businesses complying with GST which requires them to upload all the B2B invoices to the Invoice Registration Portal. The IRP  creates and sends a unique Invoice Reference Number (IRN), digitally signed e-invoice, and QR code to the user. 

New GST regulations for businesses with a turnover of over ₹100 crore

As of 1 May 2023, the latest GST mandate demands that all companies upload their electronic bills onto the Invoice Registration Portal (IRP) post-invoice issuance within 7 days. By doing so, the IRP substantiates the credibility of these invoices and assigns them a one-of-a-kind Invoice Reference Number for GST goals.

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Key points of the new regulation

  • Existing invoice-upload systems have been replaced with a new policy that necessitates businesses to upload invoices on their current date. The previous policy mandated uploading invoices on the day they were issued.

  • An advisory has been issued by GST Network to taxpayers, informing them that the government will require companies with an aggregate annual turnover of Rs 100 crore or more to report and upload old invoices to e-invoice on the IRP portals by a specific deadline.

  • Prompt uploading of invoices on the portal is necessary for businesses that wish to comply with the latest regulations. This rule must be adhered to be subject to it.

  • The reporting of debit/credit notes in compliance with this rule is not limited by time, as stated by GSTN, but only applies to invoices.

  • If the invoice is not uploaded on the Integrated Reporting Portal (IRP), taxpayers are prohibited from benefiting from the Input Tax Credit (ITC). Thus, taxpayers must report the invoice within the set time frame

    What is GST Registration?

According to the GST Rule, If the turnover of any business exceeds the threshold limit above 40 lakh, 20 lakh, or 10 lahks, then it must register as a normal taxpayer entity. This is referred to as GST (Goods and Services Tax) Registration. 

Who should obtain a GST Certificate?

  • Individuals registered under pre-GST laws like Excise, VAT, Service Tax, etc.

  • Businesses whose turnover exceeds the threshold limit above 40 lakhs, 20 lakhs, or 10 lakh

  • Casual taxable/ non-resident taxable person

  • Supplier’s agent & input service distributor

  • Taxpayers under the reverse charge mechanism

  • Supplier via  an e-commerce aggregator

  • All e-commerce aggregator

Different types of GST Registration

There are four types of GST registrations under the GST Act:

  1.  Normal Taxpayer
  2. Casual taxable person
  3. Composition Taxpayer
  4. Non-resident Taxable person

Documents required for GST Registration

  • PAN of the business, 
  • Address Proof, 
  • Bank account statement
  • Digital signatures, 
  • photographs, 
  • Identity proof of the owner of the business.

How to apply for a GST Certificate?

Businesses can apply online for GST at www.gst.govt.in If you want any help regarding GST Registration.

STEP 1: Verify the eligibility of your business

Check your eligibility to determine if you are eligible for GST Registration. If your annual income exceeds the threshold limit of Rs. 20 lakhs (Rs. 10 lakhs to Northeastern States) then you have to register for GST.

STEP 2: Gather the required documents

Required Documents include the following:

  • PAN of the business, 
  • Address Proof, 
  • Bank account details, 
  • photographs, 
  • Identity proof of the owner of the business.

STEP 3: Visit the GST Portal

Go to GST Portal and create your account by entering your personal information, namely your name, email address, and mobile number. visit JR Compliance our consultants will guide you.

STEP 4: Complete the GST Regulation form by filling in the details

Fill out the registration form by entering your details such as:

  • Company’s name, type of business, and its date of commencement
  • Provide your business address details- primary and additional branch, if applicable
  • Name, PAN & Adhaar of Proprietor, partner, or director 
  • Information on bank account- branch name, Account no., and IFSC Code
  • List of services offered

STEP 5: Submit your form

Check your details carefully, then Submit the completed application on the GST Portal using your verification code.

After submission of your application, you will receive an  Application Reference Number (ARN).

Save this information for future reference.

STEP 6: Await Confirmation

After submission, The GST officials will review your application and they will contact you if any information is needed. A GST Registration Certificate will be issued to you post-verification. 

GST Registration is a tedious process that consists of many complex steps, but our experienced team can make it easy for you. Contact us today to get started. We look forward to hearing from you!

Advantages of GST Registration

  • Your company will get legal recognition
  • Tax is reported in a standard manner
  • Your company will be eligible to avail all the benefits that come under the GST Regulations
  • Legal authorization to collect taxes on the sale

Conclusion

If the turnover of any business exceeds the threshold limit above 40 lahks, 20 lahks, or 10 lahks, then it must register as a normal taxpayer entity. Moreover, Businesses with a turnover of over 100 crore are required to comply with the New GST Regulations, which require them to upload their electronic bills on the Invoice Registration Portal (IRP) within 7 days of the issue of such invoice.