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eInvoice in Tally Prime | GST latest Update | Generate e-invoice directly from Tally
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E-invoice under GST:
1. What is an E-invoice under E-invoicing mandate?
E-invoicing aka Electronic Invoicing is an electronic authentication mechanism under GST. Under the mechanism, all the B2B invoices generated by a business (agg. turnover is above ₹ 100 CR)will have to be authenticated on the GSTN portal, electronically. Furthermore, to manage these invoices, the Invoice Registration Portal (IRP) will issue a unique identification number for every invoice called as Invoice Reference Number (IRN).
Once an e-invoice has been authenticated, its details shall be made available on the GST portal and EWB portal in real-time.
2. What are the benefits of E-invoicing under GST?
Tax leakage and frauds using fake invoices have been an issue the government is trying to fight even before the GST era. E-invoicing in India is proposed to put an end to this by mandating authorization of every invoice from the government portal.
Besides plugging the tax leakage, the implementation of the e-invoicing under GST shall be beneficial for taxpayers as well.
Some of the key benefits are:
One-time reporting of the invoicing details for all your GST filings
Minimized invoice mismatches during reconciliation
The standard invoicing system means interoperability between multiple software
Real-time tracking of invoices prepared by the supplier
Automated return filing process as necessary details shall be auto-populated for various returns and even EWB (Part A)
Easy and Precise ITC claim
3. How to generate an e-invoice in GST?
To generate a e-invoice, following steps need to be followed:
-An Invoice is created using an accounting or billing software as per the prescribed format for E-invoicing.
-A supplier can generate a unique Invoice Reference Number (IRN) using a standard hash-generation algorithm. Generation of IRN by the supplier is optional. In the absence of IRN, the IRP system of government will generate the same.
JSON file for each B2B invoice (generated through the accounting software or any third party tool), along with the IRN, if generated is uploaded on the Invoice Registration Portal (IRP)
The IRP will validate the generated hash/IRN attached with JSON (if uploaded by the supplier)or generate an IRN and authenticate the file against the central registry of GST for any duplication. The IRN will be the unique identity of the E-invoice for the entire financial year.
Upon successful verification, the invoice will be updated with IRP’s digital signature on the invoice data and a QR code will be added to the JSON file.
-The uploaded data will be shared with the E-way bill and GST system, which will be used for auto-population of GST Return
-The portal will send the digitally signed JSON along with IRN and QR code back to the supplier. The invoice will also be sent to the buyer on their registered email id.
4. What are the details contained in an E-invoice under GST?
As per the draft format generated by the GSTN, an e-Invoice will contain the following parts-
E-invoice schema: This part will consist of the technical field name and the description of each field. It will also specify if a field is mandatory or not, and has a few sample values along with explanatory notes.
Masters: Masters will specify the set of inputs for certain fields, that are pre-defined by GSTN itself. It includes fields like UQC, State Code, 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. The mandatory fields are marked in green and optional fields are marked in yellow.
5. What software/application can be used to generate an E-invoice under GST?
As opposed to contemporary belief that an E-invoice has to be generated on the common portal, an E-invoice can be generated through any software/tool that supports the given e-Invoicing format.
6. What is the information required to generate an E-Invoice in GST?
Supplier GSTIN,
Supplier’s invoice number and,
Financial year (YYYY-YY).
Details of supplier & consignee
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 SEZ or Deemed export
Details of supply Authorization by designed authority
Item Description Quantity Rate Assailable Value GST Rate IGST Value CGST Value SGST Value