Impact of E- Invoicing on GST Return Filing - Logitax

Impact of E- Invoicing on GST Return Filing

Impact of e- Invoicing on GST Return Filing

GSTN will electronically authenticate all e-invoices under the most recent e-invoicing scheme. This article will clarify the Impact of E-Invoicing on GST return filing.

New sophistications in GST E-Invoicing

As we all know, the E-invoicing System currently applies to companies with an Annual Aggregate Turnover of more than Rs 100 crores in each of the previous fiscal years. Beginning with 2017-18, and it is extended to smaller businesses with an Annual Aggregate Turnover of more than Rs 50 crores begun April 1, 2021.

If your company is eligible for e-invoicing, it is critical to consider the changes in enforcement as well as the effect on GSTR Return reporting.

Here is a detailed blog that discusses the effect of e-invoicing on GST Return filing. The ability to import e-invoice information into GSTR-1 Return, its challenges, and the solutions offered by LogiTax, an E-Invoicing software.

What is the advantage of this facility?

In this manner, the taxpayer may prevent re-entering the data on the GST Portal for the purpose of preparing GSTR-1, as well as any manual entry errors.

This auto-population eliminates the need for manual data entry when filing GST returns, as well as reducing data entry errors. Interoperability is possible: Since e-invoices are generated in a standardized format, invoices generated by one software can also be read by other software. This facilitates interoperability.

 Following are some natural impact e-invoicing is having:
  • Save time… Save money… Avoid errors!
  • Improve your customer service.
  • Get charged more quickly.
  • Reduce the use of print!
  •  It is now easier to keep track of invoices.
  •  Increased control and insight into the invoicing process.
Important details about these facilities to keep in mind

Along with simple invoice information such as bias GSTIN, GST date, quantity, and so on. Additional information, such as the Source, are auto-populated in the GSTR-1 Return.

Some Loopholes

– If the taxpayer edits the gst e invoicing information directly in GSTR-1, the source, IRN, and IRN date fields will be reset to blank.

– If you cancel the e-invoice after the auto-population of data into the GSTR-1 Return, those details will be removed from the GSTR-1 tables as well.

– E-invoice information can also be accessed as an excel file or displayed on the GST portal, but without the ability to edit it.

– If the taxpayer has already filed the GSTR-1 for the relevant duration, the data from the e-invoice can only be accessed as an excel file.

It also impacts in terms of information flow. The downloaded file from e invoicing software will contain the IRP’s e-invoice details as well as the additional information mentioned below.

  • Invoice Reference No (IRN)
  • Date of Invoice Reference Number
  • Valid/Cancelled Invoice Status
  • Auto-population or deletion date
  • Status of GSTR-1 auto-population/deletion
  • Auto-population/deletion error

We must conclude from this discussion that taxpayers face a monthly difficulty in reconciling data between the e-invoice auto-populated into GSTR-1 and the Sales register.

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