About e-invoicing and input tax credit (ITC) in India. 😊

According to the web search results, e-invoicing is mandatory for businesses with an annual aggregate turnover of Rs.100 crore or more1. E-invoices must be generated within 30 days from the invoice date on the Invoice Registration Portal (IRP)2. The IRP will start validating the time limit from 1st November 2023 onwards2.

As for ITC, the revised time limit to claim ITC on invoices or debit notes for a financial year is the earlier of two dates: 30th November of the following year or the date of filing annual returns1. This means that you cannot claim ITC for invoices or debit notes related to goods or services after the 30th of November following the end of the financial year or the filing of the relevant annual return, whichever comes first1.

Therefore, based on the information I found, if you generate an e-invoice of Dec 23 in 5 Jan 2024, you can still claim ITC in Dec 23, as long as you file your annual return before 30th November 2024

IRN: Invoice Reference Number

IRN, or Invoice Reference Number, is a unique number assigned by the government to identify every legal e-invoice created in India beginning in October 2020. In basic terms, when an invoice is sent to the Invoice Registration Portal (IRP), the government provides a unique number to that invoice using the hash algorithm under e-invoicing. A hash algorithm is a function that turns a message or string of characters (alphabets + numerals + certain special characters) into a series of numbers.

How to generate an INR

STEP 1: Creation of invoice

The supplier is required to prepare standard invoices using the ERP/accounting software. However, the supplier must verify that all mandatory e-invoice schema parameters, such as-

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Yes you can claim it as there is no time bar on genration of einvoice for dealer having turnover below 100 crores

Strictly as per law you cannot take ITC in December but you can take it in January. If taken in December in future there is a possibility that interest for one month may be demanded.

Not at all

@ CA Rashmi Gandhi
Better read the law and conditions before commenting. It won't be the first time that you come here with half knowledge and misguiding people.

You cleared it with law

As per discussion, I agreed with Mr CA Altamush Zafar view...

@ Mr Ashish Dharkar,

Your query is not clear...
Bcoz, The E Invoice generated by You or Your supplier...??

If it's Your supplier then What about GSTR 2b...??

(If it's from Your supplier)
The said invoice shown in GSTR 2b of January then no question for taking ITC in January month.
In case in GSTR 2b of December then You just reverse the ITC & Reclaim in January. It's better to avoid future compliance...

Originally posted by : VIRAAJ VASHISHTH
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Please read the query... Query can't asking how prepare e invoice...

 

Give Suitable solution against query...

Don't put blender replies...

Please avoid promoting such website...

 

If You are not give correct solution then it's against gave negative reaction to the website...

 

Mind it please....

Dear CA Altamush Zafar Sir,

I am the recipient and bill showing in GSTR2b also but IRN date is Jan2024 of bill DEC 23 so could you arrange notification for same that itc can claim in Jan2024.

Best Regards

Ashish

 

Query is quite clear that einvoice was generated later on not about reflecting in GSTR-2B. If einvoice is generated late then also ITC will be available.

Better next time come with clarity @ CA Altamush Zafar

@ ashish dharkar One of the conditions of availing ITC is that you have a valid invoice. After implementation of einvoice, any invoice not having IRN will not be considered an invoice as per GST act. It will only be considered valid once IRN is generated. Since the invoice has attained validity in January the same will be considered that you have received a valid invoice in January therefore ITC can be taken in January only. Reflection in GSTR-2B is only one of the conditions of claiming ITC, it is not the only condition. There are other conditions also to be fulfilled of which having a valid invoice is one.

@ CA Rashmi Gandhi read for yourself the full explanation. Your shallow knowledge always mislead querist on this platform. It is better you resign from your profession as it is you are a shame to our profession.

Professional never behaves like this and you are no one to guide me to resign from my profession. Also , just once come in my city and enquired about me, I you will yourself get your reply.


We are here to fight for the benefit of client not for personal benefit. Sometimes we have to fought out of box .

One more thing no one denied the input tax credit even if e invoice not generated if conditions of Sec 16 was duly complied with.