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"E-invoicing Concept"

How GST E-invoice will work
  • The GST Council approved the standard of e-invoice in its 37th meeting held on 20th Sept 2019
  • E-invoicing is proposed to be implemented from 1st January 2020.
  • It will be implemented in a phased manner by GSTN.
  • Similar to the new GST return filing system, the electronic invoicing system will first be available on a trial basis or voluntary compliance

What is E-invoicing ?

  • E-invoicing is a system in which B2B invoices are authenticated electronically by GSTN for further use on the common GST portal

E-invoice Singapore

How does it work ?

Step 1: Taxpayers have to upload the invoice details in their accounting software (Tally, ERP, Busy, SAP etc.) and generate the JSON file.

Step 2: Now this JSON file have to upload onto the Invoice Registration Portal (IRP) to be managed by the GST Network.

Step 3: IRP will validate the key details of the B2B invoice, checks for any duplications and

  • generates an Invoice Reference Number (IRN),
  • digitally signs the invoice and
  • creates a QR code in Output JSON for the supplier.
 

Step 4: IRP sends the e-invoice data with digital signature and QR code to the

  • Seller and Buyer on the mail Ids provided in the invoice.
  • GSTN Portal
    • In ANX-1 (for outward supplies) for the seller, and
    • In ANX-2 (for inward supplies) for the buyer.
  • E-way bill system
    • For creating Part-A of e-way bill and only vehicle number have to be added in Part-B of the e-way bill.
 
  • Buyer has an option to accept or reject the transaction.
  • GST system, further, will determine tax liability and input tax credit (ITC).
  • The signing of e-invoice by seller is not mandatory
  • The invoices with an IRN Number will be considered as a valid tax invoice for GST purposes
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Category GST, Other Articles by - CA Rakesh Sharma 



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