GST E-Invoicing

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GST e Invoice

Start your dream business in a day by forming a sole proprietorship.

Because there are now no standards for invoicing,
GST eInvoicing will totally disrupt the corporate process.

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GST eInvoice

GST In India, eInvoice was introduced to usher in the digital era by replacing traditional paper-based processes. eInvoicing can help businesses save money, improve efficiency, and speed up their processes. Most firms will benefit from eInvoicing since it eliminates the need for duplication or transfer of data from one system to another, reducing compliance load. The invoice information submitted to GSTN for producing the Invoice Reference Number (IRN) will be utilized to auto-populate various other systems such as GST returns, input tax credit reconciliation, eWay bill, and GST refunds using eInvoicing. As a result, GST eInvoicing will make doing business much easier and minimize compliance costs.[/vc_column_text][/vc_column][/vc_row][vc_row full_width=”stretch_row_content_no_spaces” content_placement=”middle” css_animation=”fadeInDown” row_space=”remove_padding_top” custom_background=”bg-theme” el_class=”bg”][vc_column][vc_empty_space height=”70px”][vc_column_text]

Key Concepts of eInvoicing

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Generating eInvoice

The GST e Invoice is not an invoice generated on the Government Portal, which can be a trade bottleneck. GST eInvoicing is a method of invoicing in which the taxpayer generates a unique Invoice Reference Number (IRN) for each invoice and includes it on the invoice.

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Invoice Reference Number (IRN)

On successful upload of an eInvoice, the GST Invoice Registration Portal generates an invoice reference number for each invoice. To comply with eInvoicing standards, the supplier must provide the invoice reference number on the invoice.

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eInvoice Format

A proprietorship cannot be funded with foreign funds, and it can only be owned by Indians and NRIs under certain circumstances. The GSTN does not have a standardized eInvoice format. In addition, there will be no changes to the invoice that is now being created and printed.

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Invoice Registration Portal (IRP)

The platform that issues the Invoice Reference Number is known as the Invoice Registration Portal (IRP) or eInvoice Registrar. The first IRP has been proposed as NIC. More IRPs will be introduced as the number of taxpayers using eInvoicing grows, increasing availability, speed, and creating a distributed architecture.

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Generating GST eInvoice

The process of generation of a GST invoice can be divided into four phases:

[/vc_column_text][vc_tta_tabs autoplay=”4″ active_section=”1″][vc_tta_section title=”Generation of Invoice” tab_id=”1631960121812-49bf5f7f-44cf”][vc_column_text]The seller will create an invoice in his or her accounting, billing, or ERP system in the first phase. The invoice must be produced in accordance with the GSTN’s eInvoice guidelines and must include certain necessary criteria. The software-generated invoice should subsequently be sent to the Invoice Registration Portal in JSON format.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Uploading JSON to Invoice Registration Portal” tab_id=”1631960121813-af2be304-eb27″][vc_column_text]

The sellers accounting software through APIs or GSP/ASP or offline tool will be required to transmit the invoice in JSON format to the Invoice Registration Portal. The JSON can be uploaded directly from an accounting software through APIs.

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The IRP will verify that the JSON invoice received is correct and that no further invoices from the same supplier have been received. The IRP will append its digital signature to the JSON invoice after it has been validated, as well as an IRN (Invoice Reference Number) and a QR code. The seller receives this digitally signed JSON with IRN, which serves as a legitimate GST eInvoice for both the seller and the buyer.

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IRPs will also share the signed eInvoice data with the GSTN system and eWay Bill portal to reduce compliance burden for the taxpayers.

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Time Limit for Generating eInvoice

The time limit for generating an eInvoice will be notified by the Government. Without registration of an invoice with Invoice Registration Portal and generation of QR code, it will not be valid. Hence, before the movement of goods or delivery of goods or service or filing of GST returns, eInvoicing must be completed.

Cancellation of eInvoice

An eInvoice once generated can be fully cancelled within 24 hours on the Invoice Registration Portal. After 24 hours, cancellation of eInvoice on the Invoice Registration Portal will not be possible and the same will have to be done on the GST Portal before filing of GST return.

Once a GST eInvoice is cancelled, the same invoice number cannot be used again to generate another invoice.

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Amendment of eInvoice

Amendments to eInvoice can be done on the GST Portal. All amendments to the eInvoice generated on the Invoice Registration Portal can be done only on the GST Portal. An amended invoice if again sent to IRP as a JSON file will get rejected as the IRN will be duplicate.

[/vc_column_text][gva_call_to_action title=”Need any further assistance with business compliances and filings?” button_align=”button-bottom” style_button=”btn-white” text_link=”Contact us” link=”/contact-us/”][/gva_call_to_action][/vc_column][/vc_row][vc_row css=”.vc_custom_1631962907496{padding-top: 50px !important;}”][vc_column][vc_custom_heading text=”Frequently Asked Questions” font_container=”tag:h2|text_align:center” use_theme_fonts=”yes”][/vc_column][/vc_row][vc_row row_space=”remove_padding_top”][vc_column][vc_tta_accordion][vc_tta_section title=”Q.1 What is e-Invoicing?” tab_id=”1631962818888-f2d58f48-62d7″][vc_column_text]E-invoicing is a method of invoicing in which invoices are generated electronically. In other words, it is created in a standardised format that allows the invoice’s electronic data to be shared with others.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.2 Is the e-Invoice format going to be the same for all taxpayers?” tab_id=”1631962818890-d3706755-c985″][vc_column_text]All firms must issue e-invoices in accordance with the GSTN’s e-invoice structure. Mandatory and non-mandatory fields are included in the schema. Mandatory fields must be completed by all taxpayers. Non-mandatory fields might be used by specific enterprises depending on their needs.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.3 What is the maximum number of line items supported by an e-Invoice?” tab_id=”1631963238585-591cb886-5728″][vc_column_text]

The maximum number of line items allowed per e-Invoice is 100.

[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.4 Can an e-Invoice be cancelled partially/fully?” tab_id=”1631963585805-6b748c9f-fbbb”][vc_column_text]An e-Invoice cannot be cancelled in part; it must be cancelled whole. It must be reported to the IRN within 24 hours of being cancelled. After 24 hours, a cancellation cannot be done on the IRN and must be done manually on the GST portal before the returns are filed.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.5 How can an e-Invoice be amended?” tab_id=”1631963761290-a416f1a5-4b73″][vc_column_text]

All the amendments to an e-invoice can be made only on the GST Portal.

[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.6 Is bulk-uploading of invoices be possible?” tab_id=”1631964034722-1ca7385f-76bc”][vc_column_text]Yes, invoice details can be entered in mass using the e-invoice portal’s excel-based bulk convertor tool.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.7 For how long is the data available on the Government Portal?” tab_id=”1631964292337-bd418243-6e16″][vc_column_text]The data on the IRP will only be available for 24 hours. Once an invoice has been registered and confirmed, it will be posted into the appropriate GST return and will be available for the whole fiscal year.[/vc_column_text][/vc_tta_section][/vc_tta_accordion][/vc_column][/vc_row]