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:

• Bridge the gap in data reconciliation by reducing mismatch errors
• Reduce data entry errors and enhance interoperability by creating e-invoices on a single software that is readable by the other software
• Track invoices prepared by the supplier in real-time
• Enable backward integration and automation of the tax return filing process
• Claim the genuine input tax credit
• Reduce chances of audits or surveys from tax authorities

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:

• Use invoicing software that is configured as per the PEPPOL standard. If the taxpayer is using the software devoid of this configuration, he must talk to his software provider to incorporate the standard set for e-invoicing.
• While generating an invoice on the software, the taxpayer needs to fill the following details – billing name and address, GSTN of the supplier, item rate, transaction value, applicable GST rate, tax amount, and more.
• Now, the taxpayer requires uploading the details of the invoices. The details for mandatory fields should be entered on the IRP via the JSON file only.
• Once uploaded, IRP will validate the information, check for any duplications, and then generate an invoice reference number (IRN).
• After generating IRN, IRP signs the invoice digitally and creates a QR code in Output JSON for the supplier. The recipient of the supply will receive the e-invoice via an email if provided in the invoice.
• Then, IRP will send the authenticated payload to the GST portal for auto-populating GST returns.

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:

• Since the e-invoices are required to be generated from the GST portal compulsorily, the tax authorities will have access to the transactions made in real-time.
• As the e-invoices will be generated prior to making a transaction, the chances of manipulating them would be negligible.
• Since all invoices need to be generated through the GST portal, it will reduce the chance of creating a fake invoice. Thus, taxpayers will be able to claim the genuine input tax credit.
• Input tax credit can be matched with output tax details. Therefore, GSTN will easily find out fake tax credit claims.

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:

• GST Tax Invoice: Hitech BillSoft is 100% compatible with GST regulations. Thus, you can generate multi-rate and multi-item invoices without any hassles.
• GST Tax Calculations: Moreover, this billing software is built to calculate GST and Cess amounts for purchase and sales bills automatically. Hence, you can eliminate manual calculations and ensure generating error-free invoices in a single click.
• GSTR Reports: Hitech BillSoft enables you to create various GSTR reports as per the format prescribed by the Government of India.
• Print multi-size invoices: Being integrated with GST/Non-GST multi-size invoice templates, Hitech BillSoft enables you to print standardized invoices as required.
• Barcode Scanner: As it support all compatible Plug n Play barcode scanners available on the market; you can have quick and hassle-free billing.

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.