E-invoicing has eliminated the need for consultants and the required changes will be done through software providers to report the E-invoice on the govt. portal. The Taxpayers can create e-invoice with the help of software providers on their accounting/billing/ERP System. We as GSTrobo can enable this facility/Changes to the ERPs.
Segments of GSTN’s E-invoice
- E-invoice Schema: It has technical field name along-with the description of each field, and few sample values with explanatory notes.
- Masters: It has the set of inputs fields pre-defined by GSTN like UQC, State Code, E-invoice type, supply type, etc.
- E-invoice Template: The template is as per the GST rules and enables the reader to correlate the terms used in other sheets.
Process for E- invoice
- E-invoice Data will be sent govt. portal and in return an IRN number will be provided.
- IRN and QR code provided by govt. /IRP will have to be printed on the E-invoice
- E-invoice once authenticated with Government will be shared with recipient if mail id is provided in the E-invoice
- ANX-1, ANX-2 & PART-A of E-Way bill will be auto-populated
Modes of Generating E-invoice
- API Based
- Mobile Based
- Offline Tool Based
- GSP Based
- Web Based
- Generate GST compliant E-invoices
- Download, Print and Share invoices with your customers
- Bulk upload/creation of Invoices
- Create E-invoices, advance receipts, credit & debit notes, reverse charge E-invoice
- Maintain items catalog
- ERP Integration
Professional look standard E-invoices
Import Item Master / Bulk upload of Products & Services
Auto-Prepared Returns and E-way Bills from E-invoice
Benefits of E-Invoice
- Complete inter-operability of E-Invoices across entire GST ecosystem
- Eliminating the need of fresh Data entry
- Reduce Data entry errors/ Accuracy
- Prevent Frauds
- Real-time Tracking
- No need for Consultants
- Assured ITC
- Time Saving
- Reduce Payment Cycles
- Help in Reconciliation
Electronic Invoice (E-invoice) is exchange of E-invoice between a supplier and a buyer in an integrated electronic form. The introduction of E-invoicing, has reduced the traditional paper- based process and chances of manual transcription errors and wrong entries. E-invoicing however is not generation of e- invoice on GST Portal, but reporting of e-invoice to automate the multi-purpose reporting with a one-time input of invoice details.
E-invoicing is mandatory for all taxpayers with a previous year’s turnover of above Rs. 100 crore from 1 April 2020.
The basic aim of e-invoicing is to reduce the submission of multiple statements and details by the tax payers and help the purchaser to get the Input tax credit easily.
- B2B Invoice
- Business to Government Invoices
- Export Invoices
- Reverse Charged Invoices
- Credit Notes by the Suppliers
- Debit Notes by the Recipient