MYTH VS REALITY IN GST E INVOICES
GST E Invoices are going to be implemented in GST from April 2020.
The government has already notified the persons having turnover more than 100 crores as the class of person who shall make GST invoices electronically.
GSTN has come out with several Myths and Facts about the GST E Invoices.
Myth : Whether E Invoices is mandatory for all types of transactions.
Reality : No, At the present stage E invoices is required only for B2B transactions.
Myth : Whether E Invoice will increase the compliance for dealers.
Reality : On the Contrary , E invoices will reduce the compliance. Reporting of E Invoices will auto fill details in GST ANX 1 and GST ANX 2 and waybill.
Myth : GST E invoices will be issued through GST Portal.
Reality : GST E invoice shall be issued in the same manner currently. IRN for each invoice is required to be generated from billing software .
Myth : Generation of IRN will take several minutes and would affect my business.
Reality : IRP Portal would assign the IRN in sub 100 milliseconds . More than 1 IRP will be operational.
Myth : E Invoice cannot be issued without using software and ERP.
Reality : GSTN has already provided 8 free billing software for turnover upto 1.5 Crores . These software can be used for e invoices.
Myth : IRN would be the Invoice Number .
Reality : No , IRN will be a reference number . The invoice number would be same as provided in the invoice in the software.
Myth : Seperate invoice formats for different business.
Reality : Same format will be there for all business. The schema for invoice has fields some of which are mandatory and some are optional .
Myth : Existing billing softwares , erp would required changes for E Invoices.
Reality : No major change would be required at the dealers end . The software providers would require to introduce small changes at the backend.