E-invoice under online GST stands for the electronic invoice system as per GST law. According to GST law, businesses registered under GST must generate an einvoice for business-to-business transactions. Under the GST filing, an identification number is allotted with every invoice bill by the Invoice Registration Portal (IRP), managed by the GST Network (GSTN).
What is the process of generating an e-invoice?
The following is the step-by-step process of generating an e-invoice:
Invoice creation: An invoice is created using accounting or billing software like Eazybills as per the prescribed format for e-invoicing.
Invoice registration number generation: The supplier can generate an identical Invoice Reference Number (IRN) using reliable billing software.
Upload on Invoice Registration Portal (IRP): The file for each business-to-business transaction is created with a GST bill.
IRP Validation of Invoice Information: The IRP will authenticate the information attached in the file and generate an IRN and also cross-verify the file against the central registry of GST for any duplication.
QR Code Generation: After the successful verification of invoice bills, the transaction files will be updated with a digital signature on the invoice data, and a QR code will be added to the attached invoice bills.
E-invoice data transmission to the E-way GST Bill Portal: The uploaded files of invoice bills will be shared with the E-way bill and online GST system, which later is utilized for the auto-population of GST Annexures.
E-invoice receipt sent back to the supplier: The online GST bill portal will send the digitally signed business transactions file along with the IRN and QR code back to the seller.
What are the benefits of an online GST bill?
The GST bill is one of the greatest tax reforms in India. The online GST is charged on both goods and services sold within the country. The following are the advantages of GST bill generation:
Online GST is the comprehensive tax system introduced by the government that eliminates the cascading effect of tax or tax-on-tax systems.
The generation of GST bills is more beneficial for small businesses as the threshold has been increased to Rs. 20 lakh, which was earlier 5 lakh rupees.
The process of filing online GST is quite easy and simple, which is beneficial for new businesses as they don’t need to invest huge amounts in GST filing.
The GST bill ensures that there is a uniform rate of tax across the country so that a person can start his business at their choice of place.
GST cuts the transaction cost that increases the competitiveness for the trade and industry of the country.
How does Eazybills help in the online GST filing?
Eazybills is the comprehensive billing software for all the Online GST filing requirements. The following are the services offered by Eazybills:
It can easily generate e-invoices and calculate the liabilities of the company.
It is easily accessible to any device.
The navigation system is easy to understand.
It offers services at a very nominal rate.
