What is the meaning of invoice furnishing facility?
Arvind kumar
Varanasi
A GST registered taxpayer who has opted for QRMP scheme can file his B2B invoices on the GST portal monthly using the IFF facility.
2 Replies
CA Rakesh
(CA)
(68 Points)
Replied 19 January 2022
The Invoice Furnishing Facility (IFF) is a process where GSTR-1 Form quarterly taxpayers can select to upload their B2B invoices every month. It comes under Rule 59(2) and for taxpayers which is regular having turnover up to INR 5 crores.
Below are the important points:
"The IFF is an optional facility. Non-usage will not attract any late fee.
The invoices relating to the last month of a quarter are to be uploaded in the GSTR-1 return only.
There is no requirement to upload invoices in GSTR-1 if the same has been uploaded in the IFF.
The total value of invoices that can be uploaded per month is restricted to Rs.50 lakh.
The details submitted in IFF will be reflected in the GSTR-2A and GSTR-2B of the recipients.
The Invoice Furnishing Facility will come into effect from 01.01.2021 and the first cut-off date was 13th February 2021 for January 2021 (being the first month for the January-March 2021 quarter)."
Content Source: Cleartax and SAG Infotech Blog
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