Ludhiana: The medium and large scale companies will now have to report the invoices for goods and sevices tax (GST) on Invoice Registration Portal (IRP) within seven days, as the government has put a deadline on the same. This change is applicable on entities with turnover more than Rs 100 crore, and tax professionals have warned businessmen to be cautious about the new norm. 

Unhappy over the new change, the city’s businessmen have now urged the government to either revert them or increase the deadline to at least 15 days.

Upkar Singh Ahuja, president of Chamber of Industrial and Commercial Undertakings (CICU) said, “There are many units in Ludhiana with turnover of Rs 100 crore and above. The new rule of reporting invoices within seven days on IRP is going to cause serious issues for them. Till date, the assessees are habitual of uploading the transactions as per the time period fixed by them with their accountants, but this new seven-day time limit will be very difficult to comply with. Government must give at least fifteen days’ time window for uploading the invoices.”

Former senior VP of United Cycle and Parts Manufacturers Association, Pradeep Wadhawan, said, “The approach of the central government and its departments towards compliance processes, particularly related to GST, is unfortunate. Instead of simplification, these processes are becoming more complex for the businessmen.”

He said it would be better to retain the old provisions, instead.