FinoPulse #012 · May 26, 2026
Your Guide to Navigating the Latest Changes
finoscape.com
Imagine you’re the CFO of a large business, with an annual turnover of over Rs 100 crore. You’re responsible for ensuring your company is GST compliant, but the rules are constantly changing.
The GSTN has mandated that businesses with an aggregate annual turnover of Rs 100 crore and above must upload their invoices on the IRP within 7 days of the invoice date.
This means that your business needs to ensure it is uploading all invoices on the IRP within the specified timeframe to avoid any potential penalties. The GSTN has implemented this measure to reduce tax evasion and streamline the e-invoicing ecosystem in India.
To put this into perspective, if your business has an annual turnover of Rs 150 crore, you’ll need to upload all invoices on the IRP within 7 days of the invoice date. Failure to do so may result in penalties, which could be detrimental to your business.
Let’s say your business, XYZ Ltd, has an annual turnover of Rs 120 crore. You need to upload an invoice for Rs 50 lakh on the IRP within 7 days of the invoice date to avoid any penalties.
Our experts recommend that you review your current invoicing process to ensure compliance with the new GST regulations.
- Review your current invoicing process
- Ensure all invoices are uploaded on the IRP within 7 days
- Consult with a tax expert to ensure compliance
Explainer:
The CBDT has notified new rules for the taxation of virtual digital assets, including cryptocurrencies and non-fungible tokens (NFTs).
This means that your business needs to understand the tax implications of dealing with virtual digital assets.
The new rules apply to all transactions involving virtual digital assets, and it’s essential to consult with a tax expert to ensure compliance.
Common mistakes to avoid include failing to report virtual digital asset transactions, not paying taxes on gains, and not maintaining proper records.
Other Updates:
The GST Council has announced new rates for certain goods and services, effective May 1, 2026.
This change is expected to impact various industries, and businesses need to review their pricing strategies to ensure compliance.
The GST Council has announced the removal of exemptions on certain services, including education and healthcare.
This change is expected to increase the tax burden on these industries, and businesses need to review their pricing strategies to ensure compliance.
Quiz:
What is the deadline for uploading invoices on the IRP for businesses with an annual turnover of Rs 100 crore and above?
India’s Tax Intelligence Hub