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Electronic Invoice under GST

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Electronic Invoice under GST

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  1. Electronic Invoice under GST|Detailed Discussion on E-Invoice

  2. invoicing mechanism, etc. • One may come up with a question that what is the requirement to have electronic invoicing in place? Invoices are core documents of Indirect taxes from very beginning and need of electronic invoice have never felt before. • Presently, taxpayer uses different software for generation of invoice such as SAP, Tally, Buzy etc. and invoice generated by one system may not be read by another system. • For inter-operability of e-invoices across the entire GST eco-system, it is mandatory to have standards to eliminate the need of fresh data entry. • Machine readability and uniform interpretation of document is the key objective of e-invoicing. • Apart from GST, adoption of standards will make sure that invoice shared by supplier with his buyer and bank or agent or any other person can be read by machine. • Therefore, GST council in its 37th GST Council meeting held on 20th

  3. 2. What is e-invoice? • About e-invoicing, there are lot of myths taxpayers have in their mind such as generation of invoice through software on computer or Point of Sales {“PoS”) machine is an electronic invoice or • e-invoice means generation of invoice from central portal of tax department. • This is not the case. Generation of invoice from a central portal will create a lot of restriction for trade. • E-invoicing is about adoption of standards for preparation of invoice which will standardize the format in which electronic data of invoice will be shared with the others to ensure inter-operability of data. • Standards will not impact the physical appearance of invoice. Contrary, all the software will adopt the new e-invoice standards wherein they will re-align their data access and retrieval in standard format. • As a taxpayer, user will not be required to take any action. They will only be required to update their software versions to sync such changes in their system.

  4. 3. How does e-invoicing works? • Step-1: Flow of information from supplier to IRP • Step:2 Flow from IRP to GST System/e-waybill system & buyer • What are the benefits of E-invoicing? Turnover Limits for Einvoicing.

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