Guide to Generate E-invoice Under GST - Logitax

Guide to Generate E-invoice Under GST

Guide to Generate E-Invoice under GST

The taxpayer or company is responsible for creating the invoice(s) and submitting them for approval to the Invoice Registration Portal (IRP). The portal will return the invoice to the supplier with a unique reference number, digital signature, and QR code after successful verification. The E-Invoice will also be sent to the corresponding buyer’s email address. Here is a guide to Generate E-invoice Under GST.

Step 1: Create an Invoice

Using his/her accounting or billing software, the seller/supplier will generate an invoice in the specified format (e-invoice schema). It must provide all of the required information.

For each B2B invoice, the supplier’s accounting program will produce a JSON. The JSON file will be sent to the IRP. 

Step 2: IRN Generation

The next step would be to generate a unique Invoice Reference Number (IRN) by the seller using a standard hash-generation algorithm.

Step 3: Uploading the Invoice

Now, the seller can either directly or via third-party applications upload JSON for each invoice, along with the IRN, to the Invoice Registration Portal.

4th Step: Authentication and Signature

 If the supplier has not already uploaded an IRN, IRP will validate the hash/IRN attached with JSON or create one. The file will then be authenticated against the GST central registry. It will add its signature to the invoice and a QR code to JSON after successful verification. The previously created hash will become the new IRN of the E-invoice. It will be the e-unique invoice’s identifier for the entire fiscal year.

Step 5: Data Sharing

The data that is uploaded will be shared with the E-way bill and GST systems.

Step 6: Downloading the E-invoice

The portal will return to the seller the digitally-signed JSON, along with the IRN and QR code. The gst e invoicing will also be sent to the buyer’s registered email address.

What are the advantages of the GST E-invoicing System?

– The common portal’s reporting and authentication of B2B invoices will ensure that GST ANX-1 and ANX-2 are automatically prepared in the new format. It also automatically generates GSTR 1 for B2B supplies.

– E-invoicing may also be used to generate e-way bills by supplying only vehicle information.

– Suppliers’ invoices submitted for verification would be immediately exchanged with buyers for reconciliation.

– The system would automatically balance input credit liability with output tax liability. E-invoices may be produced for Debit/Credit Notes, Invoices, and other documents that qualify.

– E-invoices may be produced for Debit/Credit Notes, Invoices, and other documents that qualify.

In order to improve the GST structure, the council is currently working to legalize a new GST E-invoicing or an electronic invoicing channeled way for reporting business to business (B2B) supplies to the GST scheme. The provision will go into effect on a voluntary basis on January 1, 2020. Each new provision necessitates the establishment of a specific norm in order to achieve the desired result. The basic standard for e-invoicing is finalised after consultations with trade/industry bodies and ICAI representatives to ensure that the latest e-invoicing is fully applicable under the GST scheme. There was no established norm for e-invoicing until now.

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