Explore all the details you need about GST E Invoicing Software, tailored for your needs.
After obtaining GST registration, certain scenarios may require updating details, leading to a GST amendment. This process ensures that the information provided to the tax authorities is accurate and up-to-date, reflecting any changes in your business operations or structure.
GST amendment refers to the process of making changes or updates to the details provided during GST registration. These changes could include alterations to business information, contact details, or other important particulars.
Keeping GST registration details current is crucial to maintaining compliance with tax regulations and avoiding penalties.
Solocorp experts are here to assist you. We offer comprehensive support, ensuring that applying for a GST registration amendment is smooth and efficient. Our team ensures compliance with regulatory requirements and expedites the application process, so your business can easily adapt to evolving needs.
The e-Invoice system is a digital verification mechanism under India's GST framework, where B2B invoices are authenticated electronically by the GST Network (GSTN). This system facilitates the issuance of a unique identification number for every invoice via the Invoice Registration Portal (IRP), managed by GSTN.
Upon generation, all invoice details are instantaneously transmitted from the invoice portal to the GST and e-way bill portals. This synchronization eliminates the need for manual data entry during the GSTR-1 return filing and the generation of part A of the e-way bills, streamlining these processes.
E-Invoicing facilitates one-time reporting of B2B invoices at the point of generation, eliminating the need to report in multiple formats. This simplification extends to maintaining sales and purchase registers, aiding in efficiently preparing GST returns.
The integration of e-invoice data with the GST portal simplifies the tax filing process by auto-populating return forms and reducing manual efforts. Additionally, e-way bills can be seamlessly generated using this data.
E-invoice in GST minimizes the need for reconciliation between financial records and GST filings, reducing errors. Real-time tracking of invoices speeds up input tax credit validation and reduces verification issues.
With real-time data access, tax authorities are better equipped to detect fraudulent activities, helping eliminate fake GST invoices and ensuring compliance with the tax system.
The detailed transaction-level information from e-invoicing reduces the likelihood of audits, cutting administrative burden. It builds trust and facilitates better financial management and cash flow for businesses.
If your business falls under the current threshold and deals with any of the following transactions, you must generate e-invoices through the GST portal:
While e-invoicing under GST is becoming increasingly mandatory, certain categories of registered persons are exempted from these provisions.
The e-invoice format, as specified in GST rules, is designated as Form GST INV-1. In simpler terms, the structure or schema for e invoicing is outlined through Form GSTR INV-1. This form serves as a standardised template for electronically recording invoice details. To report these details to the Invoice Registration Portal (IRP), they must be presented in JSON format.
When preparing e-Invoices, specific details are mandatory to ensure compliance and accurate reporting. These essential details include:
The e-invoicing system encompasses the following types of documents:
Under the Goods and Services Tax (GST) regime, GST Registration is a process by which businesses and individuals are required to register themselves with the tax authorities if their turnover exceeds the threshold limits specified by the government. Once registered, they are issued a unique Goods and Services Tax Identification Number (GSTIN), which they use for filing GST returns, paying taxes, and complying with other GST regulations.
If your business falls under the current threshold and deals with any of the following transactions, you must generate e-invoices through the GST portal:
The GST e-invoice system follows a standardised format for generating and transmitting invoices. Below is the step-by-step procedure:
Taxpayers must generate invoices as usual but follow the e-invoice schema, including mandatory fields such as invoice type, number, date, supplier and buyer information, transaction details, and goods details. The invoice data must be converted into JSON format using an updated accounting/billing system, ERP tool, or an offline tool.
Suppliers generate a preliminary hash (a unique code) using details like GSTIN, invoice number, and financial year. This hash is validated using the SHA256 algorithm, and if valid, it becomes the Invoice Reference Number (IRN).
The JSON file of the invoice is uploaded through various means, such as directly on the Invoice Registration Portal (IRP), via a GST Suvidha Provider (GSP), or through third-party apps. If a hash is generated, it is uploaded along with the JSON.
The IRP checks the uploaded JSON for accuracy and generates an IRN while ensuring there is no duplication in the Central Registry of GST. The generated IRN uniquely identifies the e-invoice throughout the financial year.
Once the IRN is generated, the e-invoice is digitally signed, and a QR code is generated. The QR code includes critical details such as supplier and recipient GSTINs, invoice number, date, invoice value, number of line items, and the HSN codes of main items.
The information from the IRP is shared with the GST system and the e-way bill portal, facilitating the auto-population of GST annexures.
The IRP sends the JSON file, IRN, and QR code back to the seller’s ERP system. The invoice is then forwarded to the buyer via email.
Solocorp offers LEDGERS GST e-Invoicing software, designed to simplify the process of creating GST invoices and ensuring compliance with GST regulations. With LEDGERS, you can create invoices quickly and effortlessly, without the hassle of complicated systems.
Our software provides multiple generation options such as web, mobile app, API, and Excel import, allowing you to choose your preferred method for generating e-invoices.
We also offer seamless integration with the e-way bill system and automated tax filing, making the entire process more efficient and saving valuable time and resources.
Create GST e-invoices with QR codes directly from your web browser, mobile app, or API, simplifying the invoicing process.
Choose your preferred method - web, mobile app, API, or Excel import to generate e-invoices and manage your invoicing tasks efficiently.
Generate and share e-way bills for goods transportation directly within LEDGERS, reducing manual work and improving compliance.
LEDGERS offers standardized formats and real-time data, ensuring that your GST returns are filed effortlessly and accurately.
Save time and resources with automatic e-invoice generation and reduced manual data entry, allowing you to focus on growing your business.
Contact our experts today for personalized assistance and get started with efficient GST e-invoicing for your business.