Know truth about the E-Invoice through ‘Myth vs Reality’
Myth – I would need to issue invoices through the GST portal.
Reality– No. You would continue to issue invoice the way you have been doing it. You are just required to generate the Invoice Reference Number (IRN) for each invoice issued through your billing software ERP or accounting software.
Myth – The generation of IRN might take several minute and that would affect my business.
Reality– The Invoice Registration Portal (IRP) would assign the IRN in sub too milliseconds, More than one IRPs will be made operational.
Myth – E-Invoice would need to be issued for all the transaction.
Reality– Issuance of e-invoice is mandatory only for B2B transactions and exports at this stage.
Myth – If I am not using a billing software, ERP or accounting software, I can’t issue e-invoice.
Reality– 8 free billing and accounting software have been provided free of cost by GSTN for taxpayer having turnover upto 1.5 crores. These can be used for issuing e-invoices.
Myth – E-invoicing will add one more CST compliance.
Myth – The IRN generated by the IRP would he the invoice number.
Reality– No. it wall just be a reference number. The invoice number will be the one that you have entered in the invoice.
Myth – I would be required to make major changes in the billing software, ERP or accounting software to become e-invoice complaint
Reality– No major change would be required at your end. However, the software providers would require to introduce small changes at the backend.
Myth – There will be separate invoice formats for different business.
Reality– Invoice format will he the same for all the categories of taxpayaer Invoice schema released by GSTIN has mandatory and optional fields that needs to he filled depending upon the nature of business.