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.

Reality– On the Contrary E-invoice and its reporting will reduce compliance. Reporting to GST will lead to auto creation of ANX-1 and ANX-2 as well as E-Way Bill, if asked.

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.

E-Invoice

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2 Comments

  1. vswami says:

    SELECTIVE

    q
    < 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 – E-invoicing will add one more CST compliance.

    Reality– On the Contrary E-invoice and its reporting will reduce compliance. Reporting to GST will lead to auto creation of ANX-1 and ANX-2 as well as E-Way Bill, if asked.
    uq

    The writer is noted to have chosen, inadvertently or otherwise, not to touch upon but skirted the practical difficulty most likely to be faced with in complying wth the mandates on 'E-Invoicing '.

    For MORE, if so care and mind, may look up the earlier posted comment @ https://taxguru.in/goods-and-service-tax/complete-guidance-note-e-invoice-gst.html
    Anyone to think of and share possible counter-view to differ ?!

  2. Varshakhandelwal says:

    Hi,

    I have a question – in applicability criteria of E-invoice i fall under turnover category i.e. above 100 cr. but not in B2B business. As u have clarified here that E-invoice is mandatory for B2B and export that means not mandatory for B2C.
    So is this E-invoicing is applicable to me or not?

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