As the business are growing and days are passing with each day there is some new rules and regulation applicable to growing business-like E-invoicing or electronic invoicing which is now application to all the Registered Tax Payer with annual turnover of more than 20 Crore.
What is E-Invoicing?? It is a system in which B2B invoices are authenticated electronically on the invoice registration portal (known as IRP) for further use of such information on the common GST portal.
As the regulation for business owners are piling day by day it has its own benefits for both business owners and Government. The advantages of E-Invoicing are that Minimal data entry errors, Reduced effort in GST return filling, Genuine ITC claims by buyers, Interoperability of E-Invoices, auto –creation of e-way bills, Reduced fraud and tax evasion, Easy verification by tax authorities, Real- time tracking of e-invoice and many more.
The invoice will be considered invalid if it does not contain an IRN. Hence, it is suggested to immediately upload invoice to the IRP on a real- time basis so that the IRN can be generated and placed on the invoice.
The IRP will validate the E-Invoice and reject it if the GSTIN is wrong a duplicate invoice number is found, or any other errors, it will return the E-Invoice with the relevant error codes without registering the same so that corrective step can be taken.
Does all this sound little complicated?? It wont we contact us for any query or help related to GST E-Invoicing.
