e-invoice under GST, is a document authorized by the Invoice Registration Portal (IRP). It is prepared in the format recommended by the government, and is issued, received and processed electronically. Learn more about e-invoicing: -------------------------------------------------------------------------------------------------------------------
What is e invoicing?
e invoicing in GST is a new system of reporting B2B invoices to the GST system for authentication purposes. Businesses have to upload their invoices to the Invoice Registration Portal (IRP) in JSON format. The IRP returns the necessary fields back to the ERP, or accounting platform for the invoice to be valid.
When will it be implemented?
e invoicing was implemented in a phased manner from January 1st, 2020 on a voluntary basis. It will be rolled for businesses from 1st April 2020.
Who does it apply to?
- Businesses with an annual turnover or Rs.100 crores and more have to create e invoices for the B2B transactions.
- Businesses with an annual turnover of Rs.500 crores and more have to create e invoices for their B2C transactions, as well.
- For businesses dealing with export, e invoice should be created for all the export sales transactions.
What are the elements of an e invoice?
The e invoice schema has prescribed a set of mandatory fields. You can find them here:
If all those fields are present, the IRP will authenticate each invoice with a unique IRN (Invoice Reference Number), QR code and digital signature.
What are the benefits of e invoicing?
- Interoperability between different accounting, invoicing and ERP software
- Reduces data entry errors
- More transparency in business transactions
- Lesser time spent on filing GST returns and generating eWay bills
- Reduces tax evasion
How does Zoho Books help you with raising e invoices?
Zoho Books, an accounting and invoicing platform, eliminates the need for external compliance solutions since it is a GSP and ASP by itself. Running your business becomes hassle free with Zoho Books since it's connected with the IRP which enables seamless uploading of invoices to the portal. Zoho Books will be e invoicing ready once the IRP is made live.
Sign up for a free trial now: www.zoho.com/in/books
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