E-invoicing

                                                           E- Invoicing under GST

What is an e- invoicing under GST?

E- Invoicing under GST is the digital invoice for goods and services provided by the business firm generated GST portal.

What is an invoice Registration portal (IRP)?

Invoice registration portal is the website uploading/reporting of the invoices by the notified person.

Who are the notified people (limits and condition)?

• The Notified person is those having aggregate annual turnover of more than Rs. 500 crore.
• In case a taxpayer had aggregate turnover for more than 500 crores in any financial year, he/she is mandated to report e-invoice to IRP.
• In case aggregate turnover less than 500 crore in the subsequent year, he/she is not mandated to report e-invoice to Invoice reference portal (IRP).
• E- invoicing will be ,mandatory oct.2020

E- Invoicing is applicable to what supplies and types of documents?

• As per rule 48 (4) of CGST rule 2017, It is applicable on registered person (B2B). Supplies to exports, deemed exports (with/ without payment).
• It is applicable on invoice, Debit note, credit note & exports invoice.

Benefits of e- invoicing under GST?

Some of the keys benefits are:

• One-time reporting of the invoicing details for all your GST filings
• Easy and Precise ITC claim
• Minimized invoice mismatches during reconciliation
• Real-time tracking of invoices prepared by the supplier

 What is the information required to generate an E-Invoice in GST?

1. Supplier GSTIN,
2. Supplier’s invoice number,
3. Financial year,
4. Details of supplier & consignee,
5. Type of supply

• If it is B2B or B2C
• If it attracts RCM
• If it attracts TDS/TCS
• If it is an Export, Supply made to Deemed export

6. Details of supply
7. Authorization by designed authority

 QR code is mandatory for e- invoicing

• Aggregate turnover of the taxpayers exceeds 100 CR
• The supply is made to an unregistered person