GST e-invoicing - What is it? Application Date & Implementation Date

The filing of e-Way Bills on the common GST portal facilitates the movement of goods. In the same way, at its meeting, GST Council decided to implement an e-Invoicing system that will be applicable to certain categories of people. The generation of invoices via the GST portal is not implied by e-Invoicing. This would be a falsehood. Instead, e invoicing allows you to submit an already-generated standard invoice via a common portal.

Storecove offers the best-in class e–invoicing solution to businesses. Storecove also offers an E-Invoicing Tally Connector that allows taxpayers to conduct e-invoicing activities from a tally screen. Storecove can safely migrate to an updated UI without any changes to your historic data.

Storecove provides several options for taxpayers to generate e-invoices. These include seamless API integrations and Excel mode. You can add value to your account by:

· Seamless generation

· Integration using a high-fidelity system with 99.99% uptime

· To ensure an error-free and smooth e-invoicing experience, there are more than 100 data validations

· To increase the success rate of EWB generation, auto-retry failed EWBs (with distance error).

· After IRN generation, automatic generation of the e way bill without any data ingestion

· Reconciliation vis-a–vis e–way bill and GSTR-1 information, insightful reports. Personalized print template for e–invoice. Data archiving.

What is e invoicing under GST?

"e-Invoicing" or "electronic billing" is a system where B2B invoices can be authenticated electronically by GSTN to enable them to be used on the common GST portal. The Invoice Registry Portal (IRP) will issue an identification number to every invoice. This portal is managed by the GST Network.

This portal will transfer all invoice information to the GST portal as well as the e-way bills portal in real time. It will eliminate the need to manually enter data while filling out GSTR-1 returns or generating part-A of e-way bill parts. The information is automatically passed by the IRP directly to the GST portal.

How do I get an e-invoice for my business?

These are the steps involved in creating or raising an electronic invoice.

· The taxpayer must ensure that the ERP system is used in accordance with PEPPOL standards. The taxpayer could work with the software provider to include the standard set for electronic invoicing (i.e. the e-invoice schema must conform to the minimum parameters set by the CBIC.

· Two options are available to taxpayers for IRN generation

1) Whitelisting the IP address of the computer system allows for direct API integrations or integration via GST Suvidha Providers (GSP).

2) To bulk upload invoices, download the bulk generation tool. You can upload the JSON file to the e-invoice portal in order to generate bulk IRNs.

· After that, the taxpayer will need to create a regular invoice using that software. The taxpayer must provide all details such as billing name, address, GSTN, supplier, transaction value and applicable GST rates, tax amount, and item rate.

· After you have chosen one of the options, create an invoice in the ERP or billing software. The details of the invoice should be uploaded to the IRP via the JSON file, an app or through GSP, or directly API. The IRP will be the central registrar of e-invoicing. You can also interact with IRP via SMS or mobile app.

· IRP will verify the key details of your B2B invoice and check for duplicates. It will also generate an invoice reference number (hash), for future reference. Based on the following parameters, IRNs are generated: Seller GSTIN and invoice number.

· IRP creates the invoice reference number (IRN), digitally signs it, and then creates a QR code for the supplier in Output JSON. The seller of the supply will be notified via email of the e invoice generation (if it is provided in the invoice).

· IRP will forward the GST portal the authenticated payload for GST returns. Details will also be sent to the e way bill portal, if necessary. GSTR-1 is filled automatically for the applicable tax period. It then determines your tax liability.

Taxpayers can still print their invoices as if they were done with a logo. All taxpayers are required to submit IRP invoices electronically under the e-invoicing program.

What will e-invoicing do for businesses?

GSTN will initiate e-invoices for businesses.

1) E-Invoice plugs a significant gap in data reconciliation under GST, reducing mismatch errors.

2) E-Invoices can be read by other software, which allows for interoperability and helps reduce errors in data entry.

3) E-invoice allows for real-time tracking and analysis of invoices that have been prepared by suppliers.

4) Automation and backward integration of tax returns filing processes - all the details of the invoices will be automatically filled in the various returns, particularly for the generation of part-A of electronic way bills.

5) Real input tax credits are more readily available.

6) There is less chance of tax authorities conducting audits or surveys since the information they need is at the transaction level.