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GST E-Invoicing is a process of validating all the B2B invoices electronically by the GST Network (GSTN). E-invoicing or authentication is required to ensure that the invoices generated by your accounting software are valid for GST return filing. The process involves the submission of business invoices created by different accounting software to the GST Portal in order to get them verified.
The government has introduced a standard format (Schema), which requires all the accounting software to follow a common format which can then be uploaded to the GST portal for authentication and validation.
GST E-Invoicing is applicable from 1st October 2020 for Taxpayers whose aggregate turnover (based on PAN) in a financial year is greater than Rs 500 Crores
Few exempted sectors are : SEZ Units, Insurance, Banking [including NBFCs], Goods Transport Agency [transporting goods by road in goods carriage], Passenger Transport Services, Multiplex Cinema Admissions
Benefits Of GST E-Invoicing
|E-Invoice will improve business-to-business communication by reducing transcription errors and cost involved. Reporting and verification of uploaded invoices on the common portal will ensure that GST ANX-1 and ANX-2 are auto-prepared in the new format. |
To simplify exchange of documents between suppliers and buyers, just like sending/receiving e-mail.
The system will auto-match input credit liability with output tax. E-invoice to be created for GST invoices, Credit Notes and Debit Notes in respect of B2B Supplies & Exports.
Backward integration and automation of tax return filing process . The relevant details will be auto-populated in various returns.
Please Note : An E-invoice does not mean an invoice generated on an electronic portal. But it is an invoice that is reported to and authenticated by the GSTN portal
What are the special provisions in INFOMAN eDMS for E-Invoicing ?
|INFOMAN eDMS ensures smooth data flow to e-Invoice portal for all GST invoices, Credit Notes and Debit Notes in respect of B2B Supplies & Exports. |
Transactional data of Invoices (Vehicle, Workshop, Accessories and Manual Sale Voucher) , Credit Note, Debit Note, Exports is eligible for e-Invoicing.
Before sending data to E-Invoice portal, INFOMAN eDMS allows users to download Excel sheet having all applicable Invoices for Validation purpose. It has information related to invoice value, GSTN No and other key details which should be validated as per Government rules before sending to E-Invoice portal.
User can generate IRN in bulk for applicable Invoices.
INFOMAN eDMS sends regular email alerts for invoices that were generated in the system but not uploaded on the eInvoice portal.
Provision to tag selective invoices that should be uploaded on eInvoice Portal is also provided in INFOMAN eDMS.
View status of successfully uploaded Invoices or Rejected Invoices (with reason).
The uploaded invoices are reported to ‘Invoice Registration Portal (IRP)’. IRP returns signed e-invoice with unique ‘Invoice Reference Number (IRN)’ along with a QR Code. Then, the Invoice can be issued to customer with QR Code .
Provision to cancel Invoice Reference Number (IRN) for cancelled invoices.
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|Mr Sanjay Koul,|
Manager Business Development