E-invoicing Under GST PPT TheTaxTellers

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E-invoicing Under GST
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What is an E-Invoice?
E-Invoicing is the submission of an already
generated standard invoice on a common portal.
Thus it automates multi-purpose reporting with a
one-time input of invoice details.
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E-invoicing Under GST
Recently, the government came up with rule of
e-invoicing under GST wherein invoice has to be
raised through the GST portal. This rule shall be
made compulsory from 1st April 2020 until then it
is made optional.
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Key highlights of the e-invoicing

• The invoice shall be prepared by such class of
  registered persons in FORM GST INV-01 after
  obtaining an Invoice Reference Number by
  uploading information contained therein on the
  Common Goods and Services Tax Electronic Portal
  in the manner and subject to conditions and
  restrictions as specified via a notification
• Taxpayers whose aggregate turnover in a financial
  year in respect of supply of goods or services or
  both exceeds Rs. 100 crores to a registered
  person.
• Any invoice issued by such class of registered in
  any manner other than the manner specified shall
  not be treated as a valid invoice. 
• Further, the provisions of regular invoicing and
  particulars to be contained therein as specified
  under sub-rules (1) and (2) of section 48 shall
  not apply to such e-invoice.

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Benefits From E-Invoice under GST

•  Government envisaged below benefits from
  E-Invoice
• Elimination of fake invoices
• Substantial reduction in input credit
  verification issues
• One time reporting on B2B invoice data, to reduce
  reporting in multiple formats (one for GSTR 1 or
  ANX 1 and the other for e-way bill)
• E-Way bill can also be generated using e-Invoice
  data

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Process of raising an invoice under e-invoicing
system? 

• The GST or IRP portal will NOT provide facility
  to generate invoices. IRP is only to report the
  invoice data. 
• Step 1 Generation of the invoice
• Step 2 Generating unique Invoice Reference
  Number (IRN). 
• Step 3 Uploading JSON of the e-invoice into the
  IRP by the seller. 
• Step-4 IRP will perform its checks to ensure
  that same invoice is not being uploaded again.
• Step 5 Sharing of uploaded data with GST and
  e-way bill system
• Step 6 Returning the digitally signed JSON with
  IRN back to the seller along with a QR code and
  sending of registered invoice to the seller and
  buyer on their mail ids provided in the invoice.  

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