GST E-Invoice

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E-Invoice under GST

What is the Bill:

Bill is a commercial document issued by vendor to a purchaser. It identifies the parties involved in the transaction, lists, describes, and quantifies the items sold, indicates the date of shipment and the mode of transport, and discounts, prices, if applicable, and delivery and payment terms. In certain instances (especially when signed by the seller or seller’s agent), an invoice serves as a demand for payment and, once paid in full, a document of title. Commercial invoices, consular invoices, customs invoices, and proforma invoices are all examples of invoices. It is also known as a bill of sale or a sales contract.

What is an e-Invoice under GST?

An e-Invoice is simply an electronic invoice issued by all Registered Persons whose annual turnover exceeded Rs. 100 crores (Notification No. 88/2020 – Central Tax dated 10th November 2020).

As per Rule 48(4) of the CGST Rules, notified class of registered persons (i.e., Registered Persons whose aggregate turnover during the financial year exceeds Rs. 100 crores except exempted) are required to prepare invoices by uploading invoice details (in FORM GST INV-01) to the Invoice Registration Portal (IRP) and obtaining an Invoice Reference Number (IRN).

Under GST, the process of issuing an Invoice Reference Number (IRN) with a QR code after uploading all invoice details in Form GST INV-01 is known as an e-Invoice. Note that E-Invoice generation does not imply invoice generation by a government portal. It can be generated with any program.

Individuals can generate their GST invoices on their own Accounting/Billing/ERP Systems and report to the “Invoice Registration Portal (IRP).” After digitally signing the e-invoice and adding a QR Code, IRP returns the electronic invoice with a unique ‘Invoice Reference Number’ (IRN) upon reporting. The recipient can then be issued the invoice (along with QR Code).

Currently, e-invoicing covers supplies to registered persons (B2B), supplies to SEZs (with/without payment), exports (with/without payment), and deemed exports by notified classes of taxpayers.

The primary reason for the adoption of e-invoice systems by tax departments is the ability to pre-populate returns and reduce reconciliation issues. As tax authorities will have access to data in real-time, the e-invoice system will aid in limiting the actions of unscrupulous taxpayers and reducing the incidence of fraud.

E-invoicing aims to integrate invoice reporting into business processes and eliminate the tedious task of invoice compilation at the end of a return period. E-Invoicing will aid in preventing Goods and Services Tax (GST) evasion through the issuance of fraudulent invoices and simplify the returns filing process for businesses by capturing invoice data through a centralized portal.

Who must issue electronic invoices under GST:

All Registered Persons, excluding exempted persons, whose annual turnover exceeds Rs. 100 crores (i.e., Notification No. 88/2020 – Central Tax dated 10th November 2020) are required to issue e-Invoices under GST.

Who is exempt from issuing electronic invoices under GST:

The following entities are exempt from issuing electronic invoices under GST:

Insurers;
Financial institutions or banks, including non-banking financial institutions (NBFC);
Goods Transport Agency (GTA) provides services pertaining to the transport of goods by road in a goods carriage;
Service providers of passenger transportation;
Providers of services involving admission to the screening of motion pictures in multiplex theaters
Those registered in accordance with Rule 14 of the CGST Rules (OIDAR).

Advantages of e-invoicing:

The following advantages of e-invoicing are available to taxpayers:

Both the supplier and the recipient will save time with electronic invoicing;
Cost Reduction: With paperless invoicing, neither paper nor postage is required. Additionally, you save time with e-invoicing as opposed to using templates and emailing PDFs. Focus instead on other value-adding tasks;
Due to increased automation, the number of mistakes or errors will decrease;
It is more convenient for customers to receive an electronic invoice on their preferred device. Receiving an electronic invoice as opposed to a paper invoice reduces processing costs by up to 90 percent.
With e-invoicing, it is simple to keep track of invoices sent, viewed, paid, or received, as well as their status.
If you are using online invoicing software, everything is saved on a single platform that is accessible from any location or device.

Electronic Invoice Generation Procedure:

Listed below are the steps required to obtain GST registration:

Generation of JSON File

Using Own Software- 30 Minutes for Job

The taxpayer must generate an invoice in his or her GST software in accordance with the e-invoice standards and generate a JSON file for uploading to the Invoice Registration Portal.

Uploading a JSON file

Through IRP- Takes 10 minutes.

Once the JSON file has been generated, it can be uploaded via API to the Invoice Registration Portal in order to generate an Invoice Reference Number and QR Code.

Generations of IRP and QR Codes

Through IRP- 10-Minute Job

Once the JSON file has been uploaded, the Invoice Registration Portal verifies the JSON file and generates a digitally signed 64-digit Invoice Reference Number along with a QR Code if the file is complete and accurate. Below is an example of a digitally signed e-Invoice with a 64-digit Invoice Reference Number and QR Code.

Generation of E-Way Legislation

IRP - 10-Minute task

In addition to generating a 64-digit Invoice Reference Number and a QR Code, the Invoice Reporting Portal will share the invoice with the E-Way bill portal for the online generation of an E-Way bill. The Taxpayer is able to generate the E-Way Bill and thereby saves time.

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