Latest Update On E-Invoicing
Updated on 26th February 2022: As per GST Council E-invoicing will be mandatory for businesses with Turnover higher than ₹20 Crore from 1st April 2022.
Updated on 8th March 2021: As per the recent CGST Notification 05/2021, entities having turnover above Rs. 50 Cr. are required to generate E-Invoice from 1st April 2021.Â
Update on 1st Feb 2021
As per the update, the details are being auto-populated in the GSTR-1 return from the reported e-invoices. Although the GSTN tax officials have informed the taxpayers that some of the fields of e-invoice data are not fetched properly & were not getting populated into GSTR-1 directly. In some time the problems will be rectified & complete data pulling will be assured. But it is advised that the taxpayer should not wait for the complete auto-population of data, instead, they must start filing GSTR 1 return before the due date.
Update on 29th Nov 2020
The CBIC has issued a notification which states that the penalty imposed on non-compliance of dynamic QR code will be waived off for B2B invoices during the time duration of 1st Dec 2020 till 31st Mar 2021. This condition will be only applicable if the eligible person is compliant with all of the provisions from 1st Apr 2021.
Update on 10th Nov 2020
The taxpayers with an overall turnover of Rs.100 crore or above must implement e-Invoicing from 1st Jan 2021.
Update on 30th Jul 2020
- CBIC notified a new refined e-invoice format by adding 20 new fields & removing 13 fields. Some fields have also changed in terms of character length.
E-invoicing system is the new way of creating invoices & will certainly be the future of invoicing. There are multiple reasons why e-invoicing was introduced & is a better process than PDF or traditional paperwork. E-invoicing can only be done through e-invoicing software. Marg ERP is an amazingly equipped e-invoicing software with all the latest features & updates. We have listed a few ultimate benefits of Marg e-invoicing Software in this article that will compel you to switch Marg ERP right away. But let us first take a quick glance into what is an e-invoice?
This Article Contains The Following Topics:
What is E-invoice?
An e-invoice is a structured format with encrypted data in XML or EDI generated in the seller’s invoicing software. Alternatively, the format is generated in web-based forms and is issued to the seller as well as the customer.ÂWhat Are The Benefits of Marg E-Invoicing Software For Your Business
- Real-Time Tracking of E-invoices: Marg e-invoicing software allows the tracking of invoices in real-time prepared by the supplier on Marg ERP 9+. This permits the faster availability of input tax credit (ITC).
- Easy Reporting of B2B Invoices: under the system of e-invoicing the taxpayer needs to report the e-invoices only once. It is then authenticated by the Invoice Registration Portal (IRP). After validation of the e-invoice, a unique Invoice Reference Number is generated & the details are auto-populated with Marg e-invoicing software in GSTR 1. Â
- E-way Bill Generation: with Marg e-invoicing software the process of e-way bill generation is very simple. The taxpayer has to only add the vehicle details in the Part A of the e-way bill & get an auto-populated e-invoice generated from the system which gets easily authenticated at the GST portal.
- Simplifies The Process For Buyers: the buyer can reconcile the e-invoice with the purchase order & accept or reject the e-invoice in real-time. The e-invoice after authentication is sent to the buyer email ID mentioned on the e-invoice.
- No More Frauds: With Marg e-invoicing software the buyer & seller can get assured that there will be no more frauds. The data is available to the taxpayer & government authorities in real-time therefore chances of frauds are not there.
- Reduced Errors: Under the e-invoicing system, data is auto-populated from Marg e-invoicing software, therefore the chances of manual errors are almost negligible.
- Interoperability of E-invoices: As the e-invoices are generated in a standard format through Marg electronic invoicing software the data can be read by any other software. This allows interoperability between different systems.
- Helps in Tax Calculation: Real-time access to data eliminates the scope of manipulation, hence tax is calculated in real-time. Scope of fake GST invoices etc is not there as the input tax credit & output tax details are auto-filled.
- QR Code: the e-invoice is important in calculating the Input Tax Credit. In case the e-invoice is misplaced or something, details secured in the QR code are of great help.
- Better Customer Service: Apart from the basic e-invoicing benefits Marg electronic invoicing software offers better customer service with handholding training & real-time assistance in the generation of e-invoices.
- Save Time: Marg e-invoicing software is very easy to use & fast. The e-invoices are generated in just a snap of fingers. This saves time & when shared to the customers it also provides a provision of getting paid faster. The buyer doesn’t have to remind the customer again & again for payments.
- Cost-Effective: Unlike other electronic invoicing systems available in the market, Marg e-invoicing software is extremely cost-efficient. Specially designed for small & medium-sized businesses the pricing starts from just Rs. 999 per month.
3 Most Important Features of E-invoicing
Electronic invoicing was introduced to ease the reporting of B2B invoices from businesses with 100 crores or above turnover by the GST council of India. Here are the Features of e-invoicing:Invoice Reference Number:
Under the new e-invoicing system, a unique Invoice Reference Number is generated for electronically uploaded invoices by the Invoice Registration Portal (IRP). IRN is computed using a hash algorithm. This ensures the authenticity that the supplier will not upload the same e-invoice more than once in a single financial year.ÂDigital Signature (DSC)
A digital signature is a process of electronically authenticating the e-invoice that has been submitted by the specific supplier. The DCS is created as per the guidelines mentioned in IT Act, 2000.Quick Response Code (QR Code)
This helps the tax officials to check the e-invoices using an offline application. A QR code contains the following information:- GSTIN of supplier
- GSTIN of the recipient
- Date of the invoice generation
- Invoice number given by the supplier
- Number of line items
- Invoice value
- Unique IRN
- HSN code of the main item
