GST E-Invoicing

GST e Invoice

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Because there are now no standards for invoicing,
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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.

    Key Concepts of eInvoicing

    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.

    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.

    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.

    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.

    Generating GST eInvoice

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

    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.

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

    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.

    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.

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    Frequently Asked Questions

    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.

    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.

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

    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.

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

    Yes, invoice details can be entered in mass using the e-invoice portal’s excel-based bulk convertor tool.

    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.

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