{"id":7068,"date":"2019-11-09T09:00:06","date_gmt":"2019-11-09T03:30:06","guid":{"rendered":"https:\/\/swaritadvisors.com\/learning\/?p=7068"},"modified":"2020-12-16T14:41:12","modified_gmt":"2020-12-16T09:11:12","slug":"e-invoice-system-under-new-gst-return-its-benefits-and-implementation","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/learning\/e-invoice-system-under-new-gst-return-its-benefits-and-implementation\/","title":{"rendered":"E-Invoice System under New GST Return- Its Benefits and Implementation"},"content":{"rendered":"\n<p class=\"has-drop-cap\">The <strong>GST Council <\/strong>has approved an introduction of \u2018E-invoicing\u2019 or \u2018electronic invoicing\u2019 on September 29, 2019, for reporting business to business (B2B) transactions to the GST system. The new system will get  implemented on  January 1, 2020. Earlier, no standard prototype existed for e-invoice in India; however, the <strong><a class=\"text-primary\" href=\"https:\/\/swaritadvisors.com\/gst-return-filing\">New GST return<\/a><\/strong> has set a standard to suffice the business needs of traders and industrial bodies. <\/p>\n\n\n\n<p>It is imperative to set a standard for e-invoicing to ensure complete interoperability of e-invoices across the GST eco-system. The interoperability will enable one software to read e-invoices generated by another software and eliminate the need for creating new data entry which is the practice of the day. <\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-background\" href=\"https:\/\/swaritadvisors.com\/gst-registration\" style=\"background-color:#01669c\">Filling Your GST Return Today &#8211; Register Now<\/a><\/div>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3a5e796b20f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3a5e796b20f\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/swaritadvisors.com\/learning\/e-invoice-system-under-new-gst-return-its-benefits-and-implementation\/#What_is_the_New_System_of_E-Invoicing\" title=\"What is the New System of E-Invoicing?\">What is the New System of E-Invoicing?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swaritadvisors.com\/learning\/e-invoice-system-under-new-gst-return-its-benefits-and-implementation\/#Key_objective_behind_the_E-Invoice_System\" title=\"Key objective behind the E-Invoice System\">Key objective behind the E-Invoice System<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/swaritadvisors.com\/learning\/e-invoice-system-under-new-gst-return-its-benefits-and-implementation\/#Benefits_of_E-Invoicing\" title=\"Benefits of E-Invoicing \">Benefits of E-Invoicing <\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/swaritadvisors.com\/learning\/e-invoice-system-under-new-gst-return-its-benefits-and-implementation\/#Implementation_of_E-invoice_under_New_GST_Return\" title=\"Implementation of E-invoice under New GST Return\">Implementation of E-invoice under New GST Return<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/swaritadvisors.com\/learning\/e-invoice-system-under-new-gst-return-its-benefits-and-implementation\/#Final_Thoughts\" title=\"Final Thoughts\">Final Thoughts<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_the_New_System_of_E-Invoicing\"><\/span>What is the New System of E-Invoicing?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u2018E-invoicing\u2019 is a system in which business to business invoices get electronically authenticated by GSTN. In simple words, E-invoicing is like electronic billing used by trading partners to monitor transactional documents. The system assures whether the suppliers and customers are following the terms of trading agreements or not. E-invoicing can authenticate any transactional documents from purchase orders, debit notes, payment terms and instructions to invoices and remittance slips.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_objective_behind_the_E-Invoice_System\"><\/span>Key objective behind the E-Invoice System<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The purpose behind the issue of e-invoicing is to minimise the errors which occur in the manual data entry. Since machine regulates the system of e-invoicing, it will analyse and read the e-invoices of sellers, banks, agents or any other person involved in trading. &nbsp;Apart from a seamless record of transactions, the e-invoice will also provide details to the GST System as part of Return. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Benefits_of_E-Invoicing\"><\/span>Benefits of E-Invoicing <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>E-invoice is a robust system that will render various benefits to businesses. Let&#8217;s have a look at them: <\/p>\n\n\n\n<ul><li>E-invoice resolves and mends a gap in the process of data <strong>reconciliation under GST<\/strong> to reduce glitches. <\/li><li>Another perk of using e-invoicing system is that it provides an option to track the <strong>invoices of suppliers<\/strong> in real-time.<\/li><li>The e-invoices which got created on one software can be read by another software, thus, allowing interoperability.<\/li><li>As the <strong>tax authorities<\/strong> get all the necessary information on a transaction level via e-invoices, so they don\u2019t have to deter audits\/surveys. &nbsp;<\/li><li>E-invoice swiftly generates a valid input tax credit.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Implementation_of_E-invoice_under_New_GST_Return\"><\/span>Implementation of E-invoice under <strong>New GST Return<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The <strong>GST Council<\/strong><a href=\"http:\/\/www.gstcouncil.gov.in\/\">[1]<\/a>  has approved a standard of e-invoice system in its 37th meeting dated 20th Sept 2019.  As per the council, the system will get implemented from 1st Jan 2020, in a phased manner by GSTN. Besides that, even the <strong>GST portal<\/strong> has published a scheme of the proposed system. Because the standards are difficult to understand by the general public, so a document will be presented to explain the entire e-invoicing system in layman&#8217;s language.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Final_Thoughts\"><\/span>Final Thoughts<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<div class=\"shadow4\">The electronic invoicing system is similar to the new GST return filing system. This system will first be available on voluntary compliance or a trial basis. To under the proposed e-invoice system, an identification number will be issued against every invoice by the Invoice Registration Portal (IRP) managed by the GST Network(GSTN).<\/div>\n\n\n\n<div class=\"shadow4\">E-invoice will be a game-changer in the transnational sphere. It eliminates the need for manual data entry while filing ANX-1\/GST returns as well as generation of part-A of the e-way bills since the information is passed directly by the IRP to GST portal.<\/div>\n\n\n\n<div class=\"read\"><p><b>Read,Also:<\/b> <mark><a href=\"https:\/\/swaritadvisors.com\/learning\/gst-for-bloggers-youtubers\/\">GST for Bloggers<\/a><\/mark>.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The GST Council has approved an introduction of \u2018E-invoicing\u2019 or \u2018electronic invoicing\u2019 on September 29, 2019, for reporting business to business (B2B) transactions to the GST system. The new system will get implemented on January 1, 2020. Earlier, no standard prototype existed for e-invoice in India; however, the New GST return has set a standard [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":7073,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/7068"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/comments?post=7068"}],"version-history":[{"count":15,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/7068\/revisions"}],"predecessor-version":[{"id":17857,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/7068\/revisions\/17857"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media\/7073"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media?parent=7068"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/categories?post=7068"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/tags?post=7068"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}