E-Invoicing
⇒ E-invoicing (Electronic Invoicing) is a system introduced under GST where registered businesses must generate invoices through the GSTN-authorized Invoice Registration Portal (IRP). Once generated, each invoice is validated and assigned a unique Invoice Reference Number (IRN) along with a QR code.
⇒ E-invoicing is mandatory for businesses exceeding a certain turnover threshold, which currently applies to those having an annual turnover of ₹5 crore and above (subject to latest notifications). It applies mainly to B2B, export, and credit/debit notes.
Key Benefits:
- Real-time invoice reporting to the GST system
- Auto-population of GSTR-1 and E-way bills
- Reduces invoice fraud and mismatches
- Ensures better compliance and data accuracy
How It Works:
- Prepare the invoice in your accounting software in the prescribed format (JSON).
- Upload it to the Invoice Registration Portal (IRP).
- The IRP validates the invoice and returns it with IRN and QR code.
- The final invoice must include this QR code and IRN before being shared with the buyer.