Question 1

What is E-Invoicing?

Accepted Answer

E-Invoicing is a new invoicing system introduced in the GST regime. This system does not generate invoices from a central portal of the tax department, but it only specifies the invoice schema and standard so that the e-invoices generated can be read and operated by all accounting/billing software and businesses uniformly. Businesses will have to create B2B invoices on their internal systems – whether ERP or any other accounting/billing system and get the invoice authenticated electronically by the Government.

Question 2

When will E-Invoicing be applicable?

Accepted Answer

E-Invoicing is mandatorily applicable from 1 October 2020 for all GST registered businesses whose annual turnover in the financial year exceeds INR 500 crores.

Question 3

What is IRP?

Accepted Answer

Invoice Registration Portal (IRP) is a portal managed by the Goods and Service Tax Network (GSTN) to authenticate invoices. After verifying the details in the invoice submitted by the taxpayer, the IRP generates a unique Invoice Reference Number (IRN), Quick Response (QR) code and digitally signs the invoice. The IRP will electronically send the signed e-invoice back to the taxpayer.

Question 4

What is IRN?

Accepted Answer

The hash computed by the IRP is the IRN (Invoice Reference Number). In other words, IRN is a 64 character unique number generated by the IRP for each invoice uploaded by the taxpayer. This IRN is a combination of the Supplier GSTIN + Financial Year + Document Type + Document Number. It will be a unique identifier for each invoice.

Question 5

Which documents need to be reported to the Government under the E-Invoicing system?

Accepted Answer

a. Supplier invoice b. Credit note c. Debit note d. Reverse charge invoice e. Any other documents as required by law.

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