Conveience, Customization and absolute peace of mind,
there is no alternative to e-invoicing software for your business.
Undeniably, invoices are a crucial element for one and all businesses. Beyond a mandate, choosing our e-invoicing software has multiple perks:
Our e-invoicing software solution has made it easy for businesses to scale their growth in ways unimaginable. From brick-and-mortar establishments looking to switch online to POS billing, supplier-related invoicing, inventory management, and central reporting needs, we've got it all covered!
Hitech Billsoft has transformed the way we handle GST compliance. Real-time creation of e-Invoices and e-Way bills plays a significant role in providing us with critical insight into our business.
Thanks to the team, we were live before 1st October without any hindrance. They handled all the complicated projects meticulously and seamlessly considering all the possible scenarios.
They enabled us to implement e-Invoicing system in time and handled all our business complexities with ease. Thank you for the efforts and good job. I would highly recommend this to everyone!
Things can be confusing for businesses looking to switch to e-invoicing.
No worries! We have put together a list of Frequently Asked Questions coming from our customers.
E-Invoicing, as the name suggests, stands for Electronic Invoicing. In India, e-invoicing is regulated by GSTN (Goods and Services Network), as per the guidelines laid down by the GST law.
Things are pretty similar to all businesses registered under GST. As they use an e-way bill to facilitate the movement of goods across places, they should also issue an e-invoice for all B2B transactions made.
According to the new rules, the threshold for e-invoicing for all businesses operating in India has been significantly lowered to an annual turnover of INR 10 crore. The following are, however, exempted:
Yes! It doesn't matter what size your business is. Our e-invoicing software has been designed to cater to one and all. Not just mitigating errors or facilitating seamless tracking of invoices but also narrowing chances of manipulation and establishing integrity during audits.
Our e-invoicing software follows the standard protocol, assigning a unique identification number to every invoice generated. This is done using the IRP service managed solely by GSTN. All invoices generated for transactions are passed on to GSTN in real-time.
E-invoicing by GSTN is a system in which the B2B invoices will be authenticated electronically by GSTN. Under this system, an identification number will be issued for every invoice through the Invoice Registration Portal (IRP). The invoice information generated here will be passed on to the GST portal as well as the e-way bill portal in real-time. Thus, this proposed e-invoicing system makes filing return of GST ANX-1 free from manual data entry.
At present, businesses leverage different software for generating invoices; hence, they differ in formats. Besides, they enter all the details of all these invoices manually in the GSTR-1 return. These details are visible to the recipients in GSTR-2A. Moreover, transporters require generating an e-way bill by importing the invoices in Excel or JSON. This process is time-consuming and prone to human errors.
With GSTN’s e-invoicing initiative, businesses will avail a lot of benefits. This includes:
GSTN’s e-invoicing initiative states that any existing accounting/invoicing software or application provider must follow the PEPPOL standard for invoice generation. Thus, taxpayers will be able to generate standard and compliant invoices.
PEPPOL is the most used standard of generating invoices across the globe. It enables businesses to exchange information in the entire business ecosystem through a common format. Thus, there will a single point of data entry into e-commerce for businesses. Then, the data flows across various portals via IRP.
Electronic invoicing is proposed to be implemented in a phased manner by GSTN from 1st January 2020. Just like the new GST return filing system, e-invoicing will first be made available on voluntary compliance or a trial basis.
To generate or raise an e-invoice, taxpayers must ensure the following:
The mandatory fields of an e-invoice include:
The description and specifications for all these mandatory fields will be provided on the e-invoice.
As per the e-invoice format released by GSTN, the e-invoice will appear like this:
In India, a significant volume of business transactions take place every day. A plethora of different, non-standardized formats is used by businesses in invoice generation. Having a standard is a must and not having it in the existing system hampered interoperability across the entire GST ecosystem. Thus, the GST Council found the need to introduce E-invoicing in India.
This would ensure that the e-invoices generated by one software can be read by another; thereby, eliminating the need to make a fresh data entry. Besides, the adoption of a standard will make sure that the e-invoice shared by a seller with a buyer/bank/agent/any player in the business ecosystem could be read by machines and hence eliminate data entry errors.
Intending to curb tax evasion, the government introduced E-invoicing. It will help in the following ways:
Currently, the provision is deemed to be introduced voluntarily. After witnessing the results of this provision and the convenience level of the taxpayers, a mandatory levy will be imposed on all taxpayers with annual turnover above a certain limit. The main objective of this law is to bring all the taxpayers (category wise) under the ambit of e-invoicing under GST.
Hitech BillSoft, being the most powerful GST billing software comes power-packed with a plethora of best-in-class, smart features.
Here’s why Hitech BillSoft can meet your e-invoicing needs:
This isn’t it. You can have access to a host of functionalities that make e-invoicing simple and easy for your business with Hitech BillSoft.
GSP stands for GST Suvidha Provider. GSPs are government authorized web platforms that help taxpayers comply with the GST laws. It is like a gateway that provides access for ASPs (Application Service Providers) to the GST Portal. The safest way to access the GST portal is through a GSP which is also an ASP authorized by the government.
E-invoicing is available in all the paid plans of Hitech BillSoft, starting from the Standard plan.
Yes, the e-invoice schema has a field for accepting digital signature. So, if a signed e-invoice is sent to the Invoice Registration Portal (IRP), it will be accepted.
Based on the latest updates on the proposed system, the IRP will be validating and digitally signing the e-invoice. It will then generate a unique Invoice Reference Number (IRN) and a QR code before returning the e-invoice to the creator.
Starting October 2022, e-invoicing is mandatory for businesses doing B2B and B2G transactions, whose turnovers are more than Rs.10 crores.