Hi Raj,I came across the concept of E-invoicing in GST in the last month while invoicing for my part-time business. It is a boon for every kind of business owner since it is very easy to invoice through this process. So, what is E invoicing in GST? Let’s find out.Electronic invoicing or E-invoicing is the process by which invoices between B2B are electronically authenticated and verified by GSTN. These invoices are available for further use on the common portal of GST once authenticated. The process of electronic invoicing is carried forward by allotting an identification number to each and every invoice by the Invoice Registration Portal or IRP which is managed and controlled by the GSTN or the GST Network. All of the information regarding the invoice is then transferred to the GST Portal and the E-way bill Portal which also serves the purpose of eliminating the need of entering all the data manually while filing for GSTR-1 returns. This is what is GST E-invoice.
Benefits of e-invoicing to businesses
Businesses can benefit majorly from the advent of e-invoicing.
A huge gap in data reconciliation is resolved with the help of e-invoicing which results in reducing mismatch errors to a great extent.
Interoperability is possible with e-invoicing. This means that invoices generated on one software can also be read by another software. This also helps in reducing data entry mistakes.
E-invoice also ensures real-time invoice tracking.
Helps in making more genuine Input tax Credit available at a quicker rate.
Requires less auditing by authorities since all the data is readily available at the transactional stage.
I know a lot of us do not have English as our first language. So I would like to explain what is e invoice in GST in Hindi too.'ई-चालान' या 'इलेक्ट्रॉनिक चालान' एक ऐसी प्रणाली है जिसमें सामान्य जीएसटी पोर्टल पर आगे उपयोग के लिए जीएसटीएन द्वारा बी2बी चालानों को इलेक्ट्रॉनिक रूप से प्रमाणित किया जाता है। इलेक्ट्रॉनिक चालान प्रणाली के तहत, जीएसटी नेटवर्क (जीएसटीएन) द्वारा प्रबंधित चालान पंजीकरण पोर्टल (आईआरपी) द्वारा प्रत्येक चालान के खिलाफ एक पहचान संख्या जारी की जाती है।I hope my take on what is e invoicing in GST was informational and helpful to you.Pay Utility Bills without any Hassle in a few Simple Steps on NoBroker.Read More:How can we generate E Way Bill for the Back Date Invoice?How to Generate E Way Bill Without GST Number?
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What is E Invoicing in GST?
Raj
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April 18, 2022
2022-04-18T09:29:16+00:00 2022-04-18T09:29:17+00:00Comment
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