Standardized Format: E-invoices use a standardized JSON format designed by GSTN, ensuring consistency in data exchange.
GST Suvidha Providers (GSPs): GSPs assist businesses in complying with GST regulations by providing platforms for invoice submission to the GST portal.
Invoice Reference Number (IRN): Each invoice, debit note, or credit note is assigned a unique IRN by the Invoice Registration Portal (IRP) using a hash generation algorithm.
QR Code & Digital Signature: A QR code containing the IRN and invoice details is generated, along with a digital signature for verification on the GST portal.
Automatic Reconciliation: E-invoicing enables automated reconciliation of GSTR-1 and GSTR-2A, reducing manual effort and errors.
Data Transmission: Data is exchanged directly from software to software, eliminating manual entry and reducing errors.
Digital Signature Requirement: A digital signature is required for e-invoices to authenticate and ensure data integrity.
Invoice Cancellation: E-invoices can be canceled within 24 hours, after which manual cancellation on the GST portal is possible before filing returns.
Electronic-invoicing Integration with Microsoft Dynamics 365
E-invoicing integration is the process of exchanging invoice documents between a supplier and a buyer in an integrated digital format. In this system, all B2B invoices are electronically submitted and verified through a designated portal.
Rules of E-Invoicing
- Applicable for businesses with a turnover exceeding 100 crores.
- Covers the following document types: B2B, B2G, Export through e-commerce operators, and Reverse charge transactions.
- Document types included under e-invoicing: Invoices, Debit Notes, and Credit Notes.
- Data transmission will occur directly from software to software; no manual submission option will be available.
Benefits of E-Invoicing
- The purchaser receives the IRN as soon as the invoice is generated by the supplier.
- Helps prevent errors, losses, and fraud.
- Enhances relationships between suppliers and customers.
- Automates the creation of GSTR-1 and GSTR-2A reconciliation.
- Enables QR code-based scanning.
- Provides a standardized reporting format across all organizations.
- Auto-generates data for tax filing purposes.
- A single document fulfills all statutory requirements, such as e-way bills
Key Points to Know About E-Invoicing
-
Data Transmission: Data is exchanged directly from software to software, eliminating manual entry and reducing errors.
-
Digital Signature Requirement: A digital signature is required for e-invoices to authenticate and ensure data integrity.
-
Invoice Cancellation: E-invoices can be canceled within 24 hours, after which manual cancellation on the GST portal is possible before filing returns.
Key Component of E-Invoicing integration
Standardized Format: E-invoices use a standardized JSON format designed by GSTN, ensuring consistency in data exchange.
GST Suvidha Providers (GSPs): GSPs assist businesses in complying with GST regulations by providing platforms for invoice submission to the GST portal.
Invoice Reference Number (IRN): Each invoice, debit note, or credit note is assigned a unique IRN by the Invoice Registration Portal (IRP) using a hash generation algorithm.
QR Code & Digital Signature: A QR code containing the IRN and invoice details is generated, along with a digital signature for verification on the GST portal.
Automatic Reconciliation: E-invoicing enables automated reconciliation of GSTR-1 and GSTR-2A, reducing manual effort and errors.
Data Transmission: Data is exchanged directly from software to software, eliminating manual entry and reducing errors.
Digital Signature Requirement: A digital signature is required for e-invoices to authenticate and ensure data integrity.
Invoice Cancellation: E-invoices can be canceled within 24 hours, after which manual cancellation on the GST portal is possible before filing returns.
