E-Invoicing Under GST- Benefits Process and Main Points.pdf - E-Invoicing Under GST Benefits Process and Main Points

E-Invoicing Under GST- Benefits Process and Main Points.pdf...

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ruchika.tulsyan E-Invoicing Under GST- Benefits, Process and Main Points taxguru.in /goods-and-service-tax/e-invoicing-gst-benefits-process.html Background: GST Council in its 37 Council meeting held on 20 September 2019 approved the standard of E-Invoice and it has been publish on GST portal along with scheme. What is E-Invoice? E-Invoicing is a process in which all the B2B invoices created by accounting software will be authenticated electronically by GSTN for further use (like return preparation, E-way bill creation). There are lot of myth or misconception about e-invoice. E-Invoice does not mean generation/creation of invoices from central portal or tax department because practically it is not possible it will create unnecessary restrictions on trade and industry and different industry have different business requirement, which cannot be met out by one software. E-Invoice is a submission of already generated Invoices from accounting softwares to GST Portal and we all are aware that there are hundreds of accounting & billing softwares, which generate invoices, but they all use their own formats to store information electronically and data in such different-different formats cannot understand by the GST System, hence it was not possible to submit the data from accounting softwares (Like ERP/Tally/SAP) to GST System. So, need was felt to issue a standard format (Schema) in which data will be shared with other systems, although from user prospective it’s same as earlier, there would not any change in print or electronically creation of invoice.
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