Since the enforcement of E-invoicing in October 2021, many changes occurred in the E-invoice generation process. Initially, it was made mandatory for businesses registered under GST with an aggregate annual turnover of more than Rs.500 crores, which was then reduced to Rs.100 crores in January 2021, Rs.50 crores in April 2021, Rs.20 crores in April 2022, and then to Rs.10 crore in October 2022.
E-invoicing system has been implemented in our country to increase transparency in invoicing and reduce the threat of fraudulent tax credits. In a way, it has changed the way businesses communicate with each other.
Before we dive into the blog, let’s understand e-invoicing better.
E-invoice is a system through which Goods and Services Tax Network (GSTN) validates B2B invoices electronically before allowing them to be used on the common GST portal such as the creation of an e-way bill and the filing of GST returns like GSTR1 and GSTR3B. It involves preparing and then submitting the standard invoice on a common e-invoice portal. Then these e-invoices are auto-populated on the GST portal.
How do I generate an e-invoice?
E-invoice portal provided by the Government allows manual Invoice Reference Number (IRN) generation, which can be done via excel upload.
But in practicality, you’re going to generate a large number of e-invoices on daily basis. While there’s a bulk generation tool available in the portal, you still have to upload all your data in excel to prepare the JSON file.
There are different formats available for different classes of taxpayers. These formats are in the form of worksheets with different fields and you have to fill in the data carefully to validate. The JSON then created is to be uploaded in the portal for IRN generation.
After IRN generation, the Invoice Registration Portal (IRP) digitally signs the invoice and provides a QR code.
This involves the very tedious task of entering it via excel, which is a continuous process.
The Major Drawback?
So, why not overcome these drawbacks with a simple automated solution.
Something that cuts the time taken by providing an option to upload the details directly, storing the data as well. Something that generates the IRN with just a click of a button and even allows for cancellation without facing the extra workload of logging in to the IRP.
With RealBooks, you get robust features and a supportive backend that caters almost all your accounting-inventory related requirements.
RealBooks aims to eliminate the cumbersome tasks of e-invoicing and assists in increasing the productivity of your accounting department.
And with e-invoicing, it does just that!
Here are some major reasons how RealBooks makes the e-invoice generation experience smooth and hassle-free-
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