GST eInvoice

GST eInvoice

GST eInvoice has been introduced in India to usher in the digital era from conventional paper-based systems. eInvoicing can help businesses achieve tremendous cost savings, efficiency and speed up business operations. eInvoicing will help reduce compliance burden for most businesses by eliminating the requirement for duplication or transfer of the same information from one system to another. With eInvoicing, the invoice information provided to GSTN for generating Invoice Reference Number (IRN) would be used to auto-populate various other systems GST returns, input tax credit reconciliation, eWay bill and GST refunds. Hence, GST eInvoicing will significantly improve the ease of doing business and reduce the compliance burden.

Advantages of GST eInvoice

GST eInvoicing will completely transform the business process as currently there are no standards defined for invoices. With the implementation of eInvoicing, invoicing would be standardised across the entire GST eco-system. So an eInvoice generated by one software can be read by another software - eliminating the need for data transfer or re-entry. Finally, with eInvoicing will eliminate the process of compilation of invoices at the end of the month and make input tax credit flow seamless.

Key Concepts of eInvoicing

The following are some of the key concepts with respect to GST eInvoicing:

• Generating eInvoice
• Invoice Reference Number (IRN)
• eInvoice Format