Streamlined Process for GST eInvoice

GST eInvoice is an electronic invoicing system established under GST legislation, analogous to the e-way bill system utilised by GST-registered businesses to transport goods. This mandate requires specific GST-registered entities to generate GST eInvoices for their Business-to-Business (B2B) transactions to ensure compliance and standardisation. Effective August 1, 2023, the e-invoicing mandate has been broadened to encompass all GST-registered entities whose aggregate turnover exceeds five crores in any fiscal year from 2017-18 onwards, as determined by their PAN.

To facilitate a smooth transition to e-invoicing, IndiaFilings introduces the LEDGERS software, designed to simplify and streamline the e-invoicing process for businesses.

What is GST eInvoice?

GST eInvoice, or electronic invoicing, refers to the system where Business-to-Business (B2B) invoices are electronically authenticated via a specified portal. This process entails electronically submitting invoices for validation.

Once verified, the Invoice Registration Portal (IRP) assigns each invoice a unique invoice reference number (IRN). The system also endows each invoice with digital signatures and embeds a QR code. This comprehensive process is called e-invoicing within the GST (Goods and Services Tax) framework.

Eligibility Criteria for GST eInvoice Implementation

The GST eInvoice requirement encompasses all entities registered within the Goods and Services Tax (GST) framework that generate Business-to-Business (B2B) invoices.

GST eInvoice Structure

The eInvoice system under GST mandates using Form GST INV-1, setting a standardised schema for electronic invoice generation. This form outlines the required format or structure for capturing and reporting invoice details electronically. When submitting these details to the Invoice Registration Portal (IRP), they must be formatted in JSON.

The format is divided into eight key sections, each designed to capture specific aspects of the transaction:

  • Basic Details: Captures essential invoice information.
  • Invoice Period: Defines the billing period for services.
  • Preceding Document / Contract Reference: Links to any preceding documents or contracts related to the invoice.
  • Receipt / Contract References: Includes references for receipts or contracts if applicable.
  • Supplier Information: Details about the supplier issuing the invoice.
  • Buyer Information: Information on the recipient of the goods or services.
  • Payee Information: Details of the party making the payment if different from the buyer.
  • Delivery Information: Information regarding the delivery of goods or services.

Within these categories, specific details such as item descriptions, document totals, and additional information like export port codes or product batch details must be meticulously recorded.

It's crucial to recognise that while certain fields are mandatory for all eInvoices submitted to the IRP, others may be optional, contingent on the transaction type and business requirements. This structured format ensures that electronic invoices are consistent, detailed, and fully compliant with GST regulations.

Essential Components Required on eInvoices

For eInvoices to meet compliance standards and ensure precise reporting, incorporating specific mandatory details is crucial. These indispensable elements include:

  • Supply Type Code: Clarifies the nature of the transaction, such as B2B (Business-to-Business), EXPWP (Export with Payment), or SEZWP (Special Economic Zone with Payment).
  • Document Type Code: This code identifies the nature of the document, such as INV for Invoice, CRN for Credit Note, or DBN for Debit Note.
  • Document Number: The unique invoice number that adheres to GST regulations.
  • Document Date: The issuance date of the invoice.
  • Supplier's Legal Name: The registered legal name of the supplier as per GST records.
  • GSTIN of Supplier: The GST Identification Number associated with the supplier.
  • Supplier's Address: Detailed supplier address, including flat and building details.
  • Supplier's Location: Specifics include the supplier's place, state code, and the six-digit PIN code.
  • Buyer’s Details: The legal name and GSTIN of the purchaser.
  • Place of Supply: The state code representing the supply location.
  • Itemised List: Detailed list of items or services provided, including descriptions, HSN codes, pricing, etc.
  • Total Document Value: Summarizes the invoice total, including taxes, discounts, and applicable calculations.
  • Ship-To Information: Details of the shipping destination if it differs from the purchaser’s address.

GST eInvoice Generation and Integration with GST Returns

The GST eInvoice system streamlines the invoicing process through a well-defined workflow, ensuring compliance and efficiency. Here’s a breakdown of the steps involved:

GST eInvoice Generation Process:

  • Invoice Creation: Businesses craft invoices via their accounting or ERP systems, adhering to the GST-prescribed eInvoice format.
  • Compliance Check: The generated invoice undergoes a validation process against GST regulations to identify and rectify any inconsistencies or errors.
  • Registration on GST Portal: Post-validation, the invoice is registered on the GST portal, which assigns a unique Invoice Reference Number (IRN).
  • Transmission to Recipient: The validated and registered invoice and its IRN are then forwarded to the recipient of the goods or services.
  • Automated Reporting: The invoice information is directly reported to the GST portal, bypassing manual entry and streamlining the compliance process.

Integration with GST Returns:

Integrating eInvoices with GST returns involves a cohesive process to ensure accurate and efficient tax reporting:

  • Validation and Registration: Only validated and registered eInvoices are eligible for inclusion in GST returns, ensuring they meet all compliance requirements.
  • Visibility to Recipients: Once validated, these eInvoices become accessible to recipients in the GST returns system, allowing for easy review and action.

Amendment or Cancellation of eInvoice

In the GST eInvoice framework, making changes or cancelling eInvoices involves adhering to certain guidelines:

  • Cancellation Must Be Complete: eInvoices can't be cancelled partially. If a cancellation is needed, the entire invoice must be annulled.
  • 24-Hour Cancellation Window: If an eInvoice needs to be cancelled, this action must be executed and reported to the Invoice Reference Number (IRN) system within 24 hours of the original upload.
  • Restrictions Post 24 Hours: Beyond the 24-hour mark, eInvoices cannot be cancelled through the IRN system. Any cancellations needed after this period must be conducted manually on the GST portal, and this must be done before the submission of the relevant GST returns.

Exemptions from the eInvoicing

As mentioned above, according to their PAN records, e-invoicing has been a requisite for all registered businesses with an aggregate turnover exceeding five crores in any fiscal year since 2017-18, as per the guidelines established.

Businesses not meeting this turnover threshold are exempt from the eInvoicing mandate.

Streamline GST eInvoice Process with LEDGERS

IndiaFilings introduces LEDGERS, a revolutionary accounting software designed to streamline your financial operations easily and precisely. LEDGERS isn't just an accounting tool; it's a complete financial management solution that integrates GST invoicing, GST return filing, and GST eWay bill functionalities, making it the perfect companion for businesses aiming for efficiency and compliance in the GST era.

Key Features of LEDGERS Accounting Software

Explore the core features that make LEDGERS Accounting Software stand out:

GST Invoicing Made Simple

LEDGERS accounting software simplifies the creation and management of GST-compliant invoices. With a user-friendly interface, you can generate professional invoices in minutes, complete with all necessary GST details, ensuring compliance and reducing the likelihood of errors.

Effortless GST Return Filing

Stay on top of your GST obligations with LEDGERS. The software seamlessly integrates with the GST portal, automatically calculating your GST liabilities and facilitating direct filing of returns from the platform. This integration ensures accuracy, saves time, and keeps you compliant with GST regulations.

Integrated GST eWay Bill Generation

Transporting goods across India requires adherence to eWay bill regulations under GST. LEDGERS makes this process effortless by allowing you to generate and manage eWay bills directly within the software, ensuring that your logistics are compliant and efficient.

Comprehensive Financial Management

Beyond GST functionalities, LEDGERS offers a wide range of accounting features, including ledger management, bank reconciliation, expense tracking, and financial reporting. This comprehensive approach to financial management provides a holistic view of your business finances, aiding in better decision-making.

Secure and Accessible

Security and accessibility are paramount in today's digital age. LEDGERS is built with advanced security features to protect your financial data. Being cloud-based, it allows you to access your financials anytime, anywhere, ensuring that you're always informed and in control.

Why Choose LEDGERS?

  • Compliance with Ease: LEDGERS keeps you compliant with GST regulations without the complexity, making it ideal for businesses of all sizes.
  • Time-Saving Automation: Automated features reduce manual data entry and errors, freeing up valuable time invested in growing your business.
  • Insightful Financial Reports: Generate detailed financial reports easily, providing insights into your business health and facilitating informed decision-making.
  • Dedicated Support: IndiaFilings offers dedicated support for LEDGERS users, ensuring that help is always available when needed.

Whether a small startup or a growing enterprise, LEDGERS is designed to grow with you, ensuring that your accounting and GST compliance needs are met precisely and easily, join the community of businesses transforming their financial management with LEDGERS.

Get started with LEDGERS today and Elevate Your Financial Operations Now!

Accountant & Invoicing Software FAQ's

Who is eligible for E-invoice?

According to the guidelines prescribed by the GSTN, registered persons with a yearly turnover exceeding Rs.10 crores in any prior financial year, starting with 2017–18, are required to use e-invoicing system for B2B and B2C communications.

In which case e-invoice is mandatory?

Based on recent updates effective from October 1, 2022, companies having a turnover of more than 10 crores would be required to use e-invoicing.

Can an e-invoice be cancelled partially/fully?

No. An e-invoice cannot be cancelled partially and must be cancelled fully. It has to be cancelled on IRN within 24 hours. Via the GST Portal, it is possible to cancel it prior to GSTR-1 filing.

Can an e-invoice be canceled be fully or partially?

An e-Invoice cannot be partially canceled, it has to be canceled fully. Once canceled, it will need to be reported to the IRN within 24 hours. Cancellation done after 24 hours cannot be done on the IRN and needs to be manually canceled on the GST portal before the returns are filed.

How can an e-invoice be amended?

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

Is bulk loading of invoices possible?

Yes, details of invoices can be entered in bulk in an excel based bulk converter tool, available on the e-invoice portal.

For how long is data available on Government Portal?

On the IRP, the data will remain for only 24 hours. However, once an invoice has been registered and validated, it will be uploaded into the relevant GST return where it will be available for the entire financial year.

What is e-invoicing under the GST tax law Act?

E-invoicing is a system where the B2B invoices are authenticated electronically by using the GSTN for further using the GST portal. The invoice information is then transferred from this portal to the GST portal and the E-way portal bill.

Is e-invoicing mandatory?

Yes, E-invoicing by the notified person is mandatory to carry the supply of goods and serves or both to a person who is registered GST.

Is QR code required mandatorily for e-invoicing?

The QR code is mandatorily required from the 1st October 2020 for the taxpayers with their aggregate turnover exceeding Rs.500 crore in 2017-18 to 2019-20. By 1st January the E-invoicing is now mandatory for the businesses that exceed Rs.100 crore limit in 2017-18 to 2019-20. Further, it was extended for businesses that have a total turnover of more than Rs.50 crore from the 1st of April.

What is the turnover requirement limit for e-invoicing?

An E-invoicing system is mandatory for taxpayers with a turnover exceeding Rs.50 crore from the 1st of April 2021.

Is it possible to issue an e-invoice after the invoice date?

Yes, it is possible to generate the IRN after a few days after the date of invoice, but this is violating the time of supply rules. Without the IRN the invoice will not be considered valid. Hence, it is better to generate the IRN when the invoices are raised.

What is a QR code?

A QR code is the quick response code that is mandatory on all the e-invoices that provide simplified access to the GST invoices that are eligible. The QR code is a two-dimensional bar code that can be read in a machine. The government has released a QR code verification app that can be used to verify e-invoice authenticity.

What happens when an e-invoice is not generated?

If IRN is not generated then the invoice will not be issued. If the invoice is not registered on the IRP then the invoice will not be treated as a valid tax invoice for the GST-related matters and can attract a penalty of Rs. 10,000 for in case of non-compliance.

Can an e-invoice be exported?

An exporter needs to select the type of export while he is registering on the IRP. The exporters can use the existing invoice format for e-invoicing along with additionally capturing the QR code.

Is an e-invoice necessary for the delivery challan?

For obtaining the delivery challan the IRN is not required. Also, in the case of imports, the IRN is not required for the entry bill that is generated by the customs authorities.

What is an e-invoicing schema?

The supplier is required to keep the IRN against each invoice that is generated. Hence, it is useful to store the IRN in ERP as without the IRN an invoice is not considered to be legal. E-invoice schema is an instruction guide for the users that helps in understanding the different specifications, examples, and explanations.

What are the advantages of e-invoicing?

There has been a considerable reduction in fraud and the data entry errors have also been reduced. The E-invoicing system uploads the invoice on the common portal which facilitates multipurpose reporting.

What is e-invoicing?

E-invoicing is a system of raising invoices under which invoices are generated. In other words, it is generated using a standardized format where the electronic data of the invoice can be shared with others.

Will the e-invoice format be similar for all taxpayers?

All businesses need to issue e-invoices using the same e-invoice schema laid down by the GSTN. The schema has mandatory and non-mandatory fields. All taxpayers are required to fill mandatory fields. Specific businesses can use non-mandatory fields as per their requirement.

What is the maximum number of items supported by an e-invoice?

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

How does LEDGERS simplify GST eInvoicing?

LEDGERS streamlines GST eInvoicing by automating invoice generation, ensuring compliance with GST rules, and facilitating direct integration with the GST portal for seamless eInvoice registration and management.

Can LEDGERS handle amendments or cancellations of eInvoices?

Yes, LEDGERS can manage the cancellation of eInvoices within the 24-hour window as prescribed by GST rules, ensuring compliance and ease of operation.

Is LEDGERS suitable for businesses not required to comply with eInvoicing?

Absolutely, LEDGERS is designed to cater to businesses of all sizes, offering comprehensive accounting features beyond eInvoicing, making it a valuable tool for financial management regardless of the eInvoicing mandate.

Can LEDGERS generate eWay bills along with eInvoices?

Yes, LEDGERS provides an integrated solution for generating eWay bills directly from the invoicing feature,

How can I get started with LEDGERS for GST eInvoicing?

Getting started with LEDGERS is simple. Contact IndiaFilings to set up your account and receive expert assistance in integrating LEDGERS into your business operations for efficient GST eInvoicing and financial management.

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