Self-help system for registering the Invoices and obtain digitally signed Electronic Invoices
e-Invoice is a system in which B2B invoices are authenticated electronically by GSTN for further use on the common GST portal. Under the electronic invoicing system, an identification number will be issued against every invoice by the Invoice Registration Portal (IRP) to be managed by the GST Network (GSTN).
All invoice information is transferred from einvoice1.gst.gov.in portal to both the GST portal and e-way bill portal in real-time. Therefore, it eliminates the need for manual data entry while filing GSTR-1 return as well as generation of part-A of the e-way bills, as the information is passed directly by the IRP to GST portal.
Businesses have the following benefits by using e-invoice initiated by GSTN
E-invoice resolves and plugs a major gap in data reconciliation under GST to reduce mismatch errors.
E-invoices created on one software can be read by another, allowing interoperability and help reduce data entry errors.
Real-time tracking of invoices prepared by the supplier is enabled by e-invoice.
Backward integration and automation of the tax return filing process – the relevant details of the invoices would be auto-populated in the various returns, especially for generating the part-A of e-way bills.
Faster availability of genuine input tax credit.
Lesser possibility of audits/surveys by the tax authorities since the information they require is available at a transaction level.
For more information, please visit: https://einvoice1.gst.gov.in/