e-Invoicing: Things You Need to Know!
Category: GST, Posted on: 13/08/2020 , Posted By: Webtel
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With the recent announcement of the GST Council mandating e-Invoicing from 1 October 2020 onwards, businesses big and small alike may have certain questions with respect to the process. Do read on to know more how you can raise e-Invoices, whether there any changes or not in the way you’ve been making invoices till now, and what documents you would require for e-Invoicing.

e-Invoicing: Things You Need to Know!

What is e-Invoicing?
Electronic invoicing or e-Invoicing refers to a system of generating invoices using a standardized format thereby, helping eliminate the need to repunch them for filing returns or at the end of the buyer. This also helps in doing away with any errors that may have arisen in the past due to repunching of data. To put it in layman’s terms, you can share the invoice with others thus ensuring data interoperability.

How will the e-Invoicing model work?
For all intents and purposes, firms would go on business as usual and continue to generate invoices on their ERPs under the new e-Invoicing model. The only difference would be that taxpayers would be given a standard schema and format for e-Invoice generation to ensure standardization and that the e-Invoices are readable by machines.

The taxpayer will be responsible for e-Invoice generation. After the e-Invoice has been generated, it needs to be uploaded at the Invoice Registration Portal (IRP) in JSON format. Once its done, a unique Invoice Reference Number (IRN) will be created by the IRP and the e-Invoice will be digitally signed.

Next, a QR code will be generated which will contain the e-Invoice details and sent to both the taxpayer and the recipient of the e-Invoice on email.

Mandatory e-Invoice
e-Invoice generation is presently mandatory for :
  1. Invoices
  2. Credit Notes
  3. Debit Notes
  4. Any other document as required by law
Which e-Invoicing solution should I go for?
Webtel’s Integrated e-Invoicing solution is a cost-effective software that offers a bundle of features that makes filing e-Invoices an easy affair. It’s a one-stop solution wherein you can generate IRN in bulk; print and track e-Invoicing as per your convenience and receive assistance from our team of experts at whichever step you falter. So, don’t fret and take comfort in the fact that you can file your e-Invoices in a matter of minutes!

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For any questions or queries regarding the e-Invoicing, please write to contactus@webtel.co.in or simply comment to this article.

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