Invoice furnishing facility

https://financepost.in/invoice-furnishing-facility/
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Invoice Furnishing Facility (IFF) will enable the taxpayer to update the details of outward supplies made to a registered person ( i.e. only B2B invoices, credit notes, debit notes). This will enable the supplier to pass on the input tax credit to the recipient in the first two months of the quarter. AS furnishing details through IFF will facilitate the reflection of details of such supplies in the FORM GSTR-2A and FORM GSTR-2B of the concerned recipient.

  • IFF is not mandatory for the registered persons under the QRMP Scheme. It is an optional facility that will be available from the 1st day to the 13th day of the month succeeding such month.
  • Details of outward supplies exceeding the value of fifty lakh rupees per month will not be permitted under the IFF.
  • Details of outward supplies are not required to be furnished again in Form GSTR -1.
  • Details of outward supplies will not auto-populate in the quarterly Form GSTR-1.

What is the due date for IFF for April 2021?

Considering the impact of the second wave of COVID 19, CBIC has issued a CGST Notification no. 13 dated 1st May 2021 to extend the due date by 15 days. So the due date for furnishing the details through IFF for the month of April 2021 will be 13th May 2021 28th May 2021.

What is an Invoice Furnishing Facility?


Invoice furnishing facility (IFF) is
– An optional facility
– Provided to quarterly taxpayers
– To furnish the details of outward supplies (B2B)
– For the first two months of the quarter.

Which all tables of Form GSTR 1 will be available under the IFF?

The invoice furnishing facility is similar to furnishing details in FORM GSTR-1 but only the details in the following tables will be permitted:
Table 4A,4B,4C,6B & 6C – B2B Invoices
Table 9A – Amended B2B Invoices
Table 9B – Credit/ Debit Notes (Registered)
Table 9C – Amended Credit/ Debit Notes (Registered)

Taxpayers can upload the details through a JSON file using the Offline Return Tool.

Note: Taxpayer will not be refrained to provide details of outward supplies of the prior month in the subsequent month. Details can be provided by either using the invoice furnishing facility or in quarterly Form GSTR-1.

What is the last date to furnish the details under the IFF?

The option to furnish the details of outward supplies will expire on the 13th of the following month. For e.g. Last date for furnishing details under IFF for the month of Jan will be 13th Feb.

Note: As the date of generation of GSTR 2B is the 14th of the subsequent month In my opinion government needs to reconsider the date of GSTR 2B as the due date for furnishing GSTR 1 and details under IFF is 13th.

Why late fees will not be applicable under the IFF?

Late fees will NOT be applicable as
– It is an optional facility to furnish the details of outward supplies (B2B)
– Taxpayers will not be permitted to furnish the details in IFF after the due date i.e., 13th of the following month.

What to do if the details were saved in IFF but not filed/submitted?

It is possible that the taxpayer would have entered details of outward supplies but the same/some of them were not filed/submitted as the window of 1st to 13th had elapsed or as the details had exceeded Rs 50 lakhs limit fixed for the month.

Such records which were saved but not filed/submitted are required to be deleted using the RESET button before furnishing Form GSTR 1 for the quarter. Now all the pending outward supply details of the quarter are to be filed in Form GSTR 1 of the quarter.

New functionality is likely to be introduced which will either move/delete the saved invoices from IFF to Form GSTR 1.

      

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About CA Ankita Khetan 161 Articles
Ankita is a Chartered Accountant in practice and holds a Diploma in IFRS (from ACCA, UK). She is also a Commerce PG and Certified Independent Director (from IICA). She holds a certification in Forex and Treasury Management. Her area of expertise is GST and Income tax. She is passionate about reading, writing, and sharing knowledge on areas related to finance and taxation.

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