e-Invoicing is the future of electronic billing, and numerous governments worldwide have embraced it. Since its first launch for B2B (business-to-business) transactions in 2020, it has seen a startling amount of implementation. The Goods and Services Tax Network (GSTN) implemented e-invoicing, which was gradually implemented for certain taxpayers registered under GST. The GSTN electronically authenticates all business-to-business (B2B) invoices under the new e-invoicing system. This article will walk you through the benefits of e-invoicing.
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e-Invoicing is submitting GST document details to the government portal, the Invoice Registration Portal (IRP), to get a unique identification number for each invoice. The e-invoicing system reduces manual data entry by directly transferring the invoice data from IRP to both the GST and e-way bill systems. In the GST portal, the GSTR-1 form gets auto-populated, and in the e-way bill portal, part A of the e-way bill gets updated as per the e-way bill rules.
The new e-invoicing system allows business-to-business (B2B) transactions to be electronically validated by GSTN before being used on the shared GSTN portal. A few advantages of e-invoicing are as follows:
e-Invoicing contributes to the advancement of the digital economy. It may be possible to prevent future increases in GST rates by the government by reducing tax evasion and boosting tax revenues. Every type of invoice, including credit or debit notes and car invoices, can be converted into an electronic invoice. Data entry errors will be reduced, if not eliminated, improving the overall efficiency of the invoicing framework.
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