What is e-invoicing and why has it been mandated under recent GST guidelines?
E-invoicing or electronic invoicing refers to a method of processing invoices (and/or the data pertaining to the invoice) in an electronic format, and on a unified platform between buyers and suppliers.
What makes e-invoicing not only relevant, but significant right now is that it digitizes the entire invoicing cycle leveraging data exchange between the parties involved. As far as government regulations are concerned, e-invoicing under GST can prove to be (and perhaps does already so) a commendable step towards avoiding data duplication and tax evasion among other things.
This e-book sheds light on the matters closely related to the factors surrounding the implementation of invoicing under GST.
What else this e-book covers:
- How does e-invoicing under GST work.
- E-invoicing in IRP is for invoice registration and validity rather than invoice generation.
- GST e-invoicing applicability in terms of business sectors, zones, types of transaction, and types of document.
- The complete e-invoicing process with technical and mandated specifications.
- How to generate e-invoice on the GST portal.
- Important parameters such as the role of IRP (Invoice Registration Portal) in e-invoicing. The significance of IRN (Invoice Reference Number), e-invoicing QR code, and more.
- What information does IRN and QR code hold and why is it mandatory to have this information on your invoice.
- Requisites for you to adhere to as e-invoicing under GST regulation requires API accessibility and certain mandatory parameters.
- E-invoicing cancellation procedure and re-processing guidelines.
- What is e-way bill under GST and how is it relevant to the e-invoicing system.
- The mandates surrounding e-way bill generation and how does its implementation benefit logistics and supply chain processes.
- The integration of e-invoicing with e-way bill system and their generation mandated through a unified portal i.e., IRP (Invoice Registration Portal).
- E-way bill and e-invoicing format under GST with a detailed schema depicting the mandatory fields required for the generation of IRN, QR code, and E-way bill number.
Furthermore, this e-book also answers further questions such as why e-invoicing under GST is being implemented in India? How is e-way bill generated with the e-invoicing process? How can you benefit from a solution to seamlessly transition towards GST e-invoicing? What should you expect and need from an e-invoicing software before settling for a solution?
Gain insight into the entire e-invoicing process along with a detailed walk-through of everything relevant to it.