Filing ‘e-way bill‘ is common on GST portals to facilitate transporting of goods from one place to another. Similarly, the GST council introduced the system of e-invoicing for specific categories of people.
E-invoicing is not a feature to generate invoices on the GST portal but it requires submitting an already generated invoice on the portal. Thus you can generate multiple reports with a one-time upload of invoice details.
RealBooks is one of the best Indian accounting software that stays up-to-date with the Government mandates and provides a great platform for taxpayers to perform their e-invoicing activities. RealBooks also ensures that you can safely migrate all your data with the supported system without any change to all your archival data.
As a comprehensive accounting software in India, RealBooks offers very easy-to-use features. Some of the most notable and useful features are:
‘E-invoice’ generation is a process to identify and electrically authenticate B2B invoices by GST Network (GSTN) for common accessibility across the GST portal.
In this e-invoicing system, every transaction has a unique identification code by the Invoice Registration Portal (IRP) through the GST network.
From the Indian accounting software portal, all the invoice details will be automatically transferred to both the GST portal and e-way bill portal, syncing in real-time. This will eliminate the requirement for manual entry while generating part-A of the e-way bills and filing GSTR-1 returns.
Currently, businesses generate their invoices by using a variety of tools and finally uploading these invoices manually for the GSTR-1 return, instead of using single accounting software. Once this GSTR-1 return is filed, the recipients can view the invoice information in GSTR-2A. The transporters or consignors need to generate separate e-way bills by importing these invoices in JSON or Excel, manually. Businesses can reduce their effort simply by using accounting software that offers tools for GST integration and e-invoicing.
Under the e-invoicing system now, the process of uploading and generating the invoices is the same – either by importing the excel/JSON file or through API integration. This data seamlessly flows through the entire GST portal required at various instances of e-invoicing and filing tax returns.
E-invoicing has been introduced for the benefit of businesses, and with accounting software to automate the process, the benefits keep getting easier to grasp. Following are the advantages of using e-invoicing through GSTN:
E-invoicing is very beneficial in ensuring proper tax compliance and curbing tax evasion in the following ways:
In a brief conversation about RealBooks and online accounting software in India, these are the main things to know about GST e-invoicing. If you wish to learn more, visit RealBooks and sign up for our 14-days free trial to personally have an experience of this online accounting software.