GST E-Invoicing Software

As per GST regulations, e-invoicing refers to the electronic generation of invoices for business-to-business (B2B) transactions. From August 1, 2023, it became mandatory for all GST-registered individuals whose aggregate turnover exceeds Rs. 5 crores in any financial year since 2017-18 (based on their PAN) to issue e-invoices.

To assist businesses with this transition, GSTaxwala has developed the LEDGERS GST E-Invoicing software, designed to simplify and streamline the e-invoicing process.

E-Invoicing in the GST Framework

In India’s GST system, e-invoicing involves a digital validation process where the GST Network (GSTN) authenticates B2B invoices electronically. Each invoice is assigned a unique identification number via the Invoice Registration Portal (IRP), managed by GSTN.

Once an invoice is generated, the details are automatically shared with the GST and e-way bill portals. This real-time synchronization eliminates the need for manual data entry during GSTR-1 filing and simplifies the creation of Part A of the e-way bill, making the process more efficient.

Documents Required for E-Invoicing

To generate an e-invoice under the GST system, the following documents are required:

• Tax Invoices, Debit Notes, and Credit Notes: These must be issued as per Section 34 of the CGST Act.

Applicable Transactions:

• Taxable Business-to-Business (B2B) Transactions: Sale of goods or services to other businesses.
• Business-to-Government (B2G) Transactions: Sale of goods or services to government entities.
• Exports and Deemed Exports: Sending goods or services outside India or transactions treated as exports under GST.
• Supplies to Special Economic Zones (SEZs): Including supplies to SEZ developers, with or without tax payment.
• Stock Transfers or Services Across States: Transactions within the same company across different states or jurisdictions.
• Supplies Under Reverse Charge: Transactions where the recipient is liable to pay GST as per Section 9(3) of the CGST Act.