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| Mar-14-2022

All About e-Invoice

Intention : To give guidelines to Accountants and Business Owners about e-Invoice effective from 1st April 2022

APPLICABILITY & LEGAL PROVISIONS

  1. Who are covered :
    • Taxpayers whose Turnover Aggregate Turnover > 20 Crores (Twenty Crores )
    • In ANY of the Financial year from 2017-18 to 21-22
  2. What Constitutes 20 cr Turnover Limit
    • All Supplies Taxable Supplies + Exempt Supplies + Export of Goods or services + Deemed supplies with distinct persons under same PAN
    • Eg A School / Hospital providing exempt services 25 crores and earns Taxable Rental income of 60 lacs; They need to do e-invoice for this supply
  3. Transactions where e-Invoice Not covered
    • Supply to an Unregistered i.e., B2C,
    • Exempt Supplies whether made to B2B / B2C
    • Advance Receipts + Advance Adjustments
    • Movement of Goods under Delivery Challan
  4. Transactions covered under eInvoice
    • Tax Invoice + CRN + DBN issued to
    • B2B / B2G Exports / Supply to SEZ / Deemed Exports
  5. Businesses Excluded from eInvoice compliance
    • Insurance Co. + Banking Co./Financial Inst/NBFC
    • GTA + Passenger Transportation service provider
    • Admission to films in Multiplex screens
    • Supply by SEZ unit (not SEZ Developer)
    • Government dept./Local Authority

PROCESS & TERMINOLOGIES USED

  1. IRN Invoice Reference Number – 64 Digit unique number to be obtained from IRP else it will not be e_Invoice
  2. IRP Invoice Registration Portal from Einvoice can be generated. https://einvoice1.gst.gov.in/
  3. QR Code: e-Invoice to contain QR code Digitally signed & issued by NIC, it Contains high level parameters of an Invoice.
  4. Login : If you have e-Waybill Login same will work in Einvoice else create one login.
  5. Generate: use offline tool , generate json and upload
  6. Alternative, Add an ASP/GSP/ERP to integrate and generate E-Invoice directly from your ERP.

TAKE CARE IN E-INVOICE

  1. Once Einvoice generated, you cannot modify
  2. Cancellation permitted with in 24hrs, once cancelled invoice number cannot be reused.
  3. If you are Unable to cancel within 24hrs, manually remove from GSTR 1.
  4. eInvoice can be done for Backdated invoices can i.e., on 8th March 22 you can do Einvoice for a Tax Invoice dated 1st Jan 22
  5. Print the QR Code in the Invoice, IRN printing is optional. eWay Bill is still required .
  6. Digital display of Einvoice is sufficient during transit, Physical printout need not be carried.

EWAY BILL + GSTR 1 + INTEGRATION

  1. eWay bill can be generated automatically along with eInvoice.
  2. It is mandatory to generate e-Way Bill wherever applicable as per the provision of law.
  3. Part A will get generated Automatically with Einvoice, at the time of movement you can opt for Part B
  4. E-Invoice data will be auto populated in GSTR 1 till R1 is filed, modification permitted to Auto populated data before filing of GSTR 1.

EINVOICE IN TALLY ACCOUNTING SOFTWARE

  1. eInvoice option only in Tally Prime. If you are using Tally ERP 9 either you upgrade or contact your CA / ASP for Integration.
  2. Gateway of Tally >F11> More Details > GSTDetails > e-Invoice Applicable YES
  3. Login to eInvoice portal>>API Registration>>Create API User >> Through GSP>>Tally India Private Limited
  4. Single Invoice F8 >> Create Invoice >> Save >> Generate Einvoice>>yes>>Login
  5. Bulk Upload Z : Exchange>>Send for Einvoice>>F5 Einvoice >> Select >> Send

URLS TO KNOW

  1. E-Invoice Portal: https://einvoice1.gst.gov.in/
  2. Sandbox for developers - https://docs.ewaybillgst.gov.in/apidocs/
  3. E-Invoice Trial Portal - https://einvoice1-trial.nic.in/

Compiled by CA Venugopal Gella. Any clarifications / suggestions mail to venu@vnv.ca

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