GST e-invoicing in Chennai

E-Invoice or otherwise called electronically invoicing is a system where the invoices are authenticated electronically. It is authenticated by the GSTN and further it can be used on GST portal. An identification number is allocated under the electronic invoicing system by Invoice Registration Portal. This is also to be managed by the GSTN and this eliminates the need of manual data entry when GSTR-1 return is filed. Also it is useful when part ‘A’ of the e-way bill is filed. It has been made to be available for all the business whose aggregate turnover that exceeds the limit of Rs.500. Anyway, irrespective of the turnover, the e-invoicing is not applicable for an insurer or a financial institution including NBFC.

Any goods transport agency and a SEZ unit is also not applicable for getting the identification number. Nowadays, various software supply invoices are available. The e-invoice resolves major gap in the data reconciliation under the GST. It is done for eliminating the mismatch errors. It allows the inter-operability (i.e) e-invoices that are created in one software can be read by other software. It is very much helpful in eradicating date entry errors. If the suppliers prepare real time tracking of invoice then the e-invoice enables it. Due to e-invoice, there is faster availability of genuine input tax credit. Also lesser possibility of the audits is available. E-invoice schema has the technical field name, description, and few sample values that come with the explanatory notes.

Since the invoice gets generated before the transaction takes place, there is less scope of the invoice manipulation. It reduces the chances of the fake GST invoice. Added to it, an e-invoice can be generated on the individual ERP software which is being currently used by the business. The invoice must adhere to the standard format that contains various parameters and also it is mandatory.