Table of Contents
E-Invoicing Applicability
E-invoicing applies to businesses with a turnover of more than 20 crores in any of the previous financial years From 2022-23 onwards..The initial ceiling was 500 crores, which was later reduced to 100 crores, and now the restriction has been set at 20 crores. However, regardless of the turnover limit, there are some types of businesses for which E-invoicing is not appropriate. The business categories are as follows:
- Services provided in multiplex related to cinematographic films Exhibition
- NBFC or Banking companies or insurers or financial institutions.
- GTA
- transportation service for Passenger
- Unit under SEZ
- Government department and Local authority
E-Invoice Mandatory Fields
GST invoicing rules shall have to be adhered to before issuing E-invoice. There is specified information that is Compulsory for every GST registered business however Few information is optional. Below are few fields that are Compulsory to be disclosed in E-invoice:
- Document number, Type code and date
- Goods Supplier’s Legal name, State Code, Pin Code. GSTIN, Address, Place
- Recipient’s legal name, Place of supply, Place, Pin code, GSTIN, Address, State Code
- Current Invoice reference number and Preceding invoice reference number,
- dispatch details & Shipping
- Price, Assessable value, Item Description, HSN Code, Invoice Value, GST rate.
Issuing Invoice Manner
(1) GST invoice shall be prepared in 3 copy, in case of goods supply, in the below manner:–
(a) Original copy being marked as ORIGINAL FOR RECIPIENT;
(b) Duplicate copy being marked as DUPLICATE FOR TRANSPORTER
(c) Triplicate copy being marked as TRIPLICATE FOR SUPPLIER.
(2) GST invoice shall be prepared in 2 Copy, in case of services services, in the below manner:-
(a) Original copy being marked as ORIGINAL FOR RECIPIENT; and
(b) Duplicate copy being marked as DUPLICATE FOR SUPPLIER.
(3) Serial No of invoices issued during a tax period shall be filed online via GST Common Portal in FORM GSTR-1.
Is GST E-Invoicing Beneficial for us ?
Yes, E-Invoicing is helpful to all businesses. Let's look more closely at its benefits:
- If the E-invoicing system is used, data for GSTR-1 will be ready at the time of filing the return.
- Using data entered into the E-invoicing system, generating E-way bills becomes easy.
- Tax authorities will have real-time access to all data, which will reduce fraud. There will also be no bogus GST invoices.
- Data reconciliation between GST returns and books will be easier, and input tax credit verification concerns will be fewer.
- It is only important to notify B2B invoices once. It is not necessary to report in different forms.
If e-invoicing is applicable, it must be handled right. It will save the taxpayer a lot of time and work. All data will be automatically reconciled and auto-filled on all portals.
E-invoices details are auto-populated in the Respective GSTR-1 tables.
Some identified taxpayers have been planning and issuing invoices (i.e. for companies with revenue above Rs. 500 crore and Rs. 100 crores as of 01.01.2021) by receiving the Invoice Reference Number (IRN) from the Invoice Registration Portal (IRP) (popularly referred to as e-invoices'). The Details of such e-invoices are auto-populated in the respective GSTR-1 tables.
An update on the status of such an auto-population was released published previously on 13/11/2020.
Due to some unexpected problems, the auto-population of e-invoice data in GSTR-1 has been delayed.
Those taxpayers who registered e-invoices need not wait for auto-populated data and are advised to continue with the planning and filing of GSTR-1 for the months of November 2020 (before the due date) and October 2020 respectively (in case not yet filed, as on date).
The auto-population of the e-invoice information relating to the December 2020 timeframe for GSTR-1 (in an incremental way on a T+2 day basis) will begin in the first week of December.
Information on the e-invoices for the October and November 2020 periods will be reviewed and made available on a gradual basis from 13 December 2020. The processing and availability of complete data for the months of October and November 2020 may take up to two weeks.
Detailed recommendation on self-population methodology etc. has already been made available on the GSTR-1 dashboard ('e-invoice advisory') and has also been e-mailed to the pertinent taxpayers.
It should also be noted that the auto-population of data from e-invoices to GSTR-1 is only a tax-paying service. After viewing the auto-populated data, the taxpayer shall verify the propriety and authenticity of the amount as well as other data in each sector in particular from the point of view of GSTR-1, and file the same details in the light of the applicable legal provisions.
Before the auto-population of GSTR-1 is launched, taxpayers are asked to verify the documents in excel and to share reviews on the GST Self Service Portal, below point:
- All documents reported to the IRP are available in excel
- The status from each e-invoice/IRN is accurate
- All of the descriptions of the text are accurately filled in fair and equitable
The auto-population of details will be as below:
|
S.No. |
Kind of Supply |
GSTR-1 table- Auto-populated |
|
1. |
Taxable outward supplies assembled to registered persons on which RCM is applicable |
B2B |
|
4B- Supplies attracting tax on a reverse charge basis |
||
|
2. |
Taxable outward supplies made to registered persons other than RCM (reverse charge) |
B2B |
|
4A – Supplies other than those (i) engaging reverse change and (ii) supplies made between e-commerce operator |
||
|
3. |
Credit or debit notes provided to registered persons |
CDNR |
|
9B- Credit or debit notes (registered) |
||
|
4. |
Export supplies |
EXP |
|
6A- Exports |
||
|
5. |
Error in auto-population/ deletion |
Error description will be mentioned |
|
6. |
Credit or debit notes provided to unregistered persons |
CDNUR |
|
9B- Credit or debit notes (unregistered)- with UR type as exports with payment and without payment of tax. |
Additional Details Required for auto-populated invoices.
The below additional details mentioned as follows will be required arranged for auto-populated invoices:
- Invoice reference number date
- Invoice reference number
- Souce
Click here to read the full notice.
As you can see in the above picture, the GST portal has given a guideline link on how GSTR 1 will auto-populate E-invoice info. Click here to read the guide.
This same service will be available in the future and only for people who generate an E-invoice. so now GSTR 1 with complete Online Return Filing Procedure; Reference link:
Gst Invoice Registration Portals(IRP) of NIC
- https://einvoice1.gst.gov.in,https://gepp.einvoice1.gst.gov.in
- https://einvoice2.gst.gov.in,https://gepp.einvoice2.gst.gov.in
In case you are exempted from e - Invoicing you may raise a ticket https://selfservice.gstsystem.in by providing the relevant details
