Electronic invoicing (e-Invoicing) is the exchange of the invoice document between a supplier and a buyer in an integrated electronic format. E- Invoice has been biggest and one of the most talked about changes when it comes to GST in 2020. The GST Council, in its 37th meeting on 20 September 2019, has recommended introduction of electronic invoice (‘e-invoice’) in GST in phased manner. Currently it is on a voluntary basis and mandatory from April 1, 2020. e-Invoicing essentially involves reporting details of specified GST Documents to a government-notified portal and obtaining a reference number . Read more.. e-Invoicing is a system in which B2B invoices and export invoices are authenticated electronically by GST Network for further use on common portal. Under this system an identification number will be issued against every invoice by the IRP (Invoice Registration Portal) to be managed by GST Network. All invoices information will be transferred from Invoice Registration Portal to both GST Portal and E- Way Bill portal in real time basis. It will eliminate the need of manual data entry while filing GST-R1 return as well as generation of Part-A of the E-Way Bill as the information is passed directly by the Invoice Registration Portal to GST Portal. .

• An insurer or a banking company or a financial institution, including an NBFC
• A Goods Transport Agency (GTA)
• A registered person supplying passenger transportation services
• A registered person supplying services by way of admission to the exhibition of cinematographic films in multiplex services
• An SEZ unit

From 1 October 2020, to all business whose turnover exceeded 500 Cr in preceding Financial Year from 2017-18 to 2019-20. Now from 1 January 2021, it is applicable for the business whose turnover exceeds 100 Crore in any of the financial years between 2017-18 to 2019-20 vide Notification No. 88/2020-Central Tax.

• e-invoice resolves data reconciliation under GST to reduce mismatch errors.
• Reduce data entry errors.
• Real-time tracking of invoices
• Automation of the tax return filing, the relevant details of the invoices would be auto-populated in the various returns and forms.
• Faster availability of input tax credit (ITC).
• Lesser possibility of audits/surveys by the tax authorities
• One Time reporting of invoicing

• Invoice by Supplier
• Credit Note by Supplier
• Debit Note by Supplier
• Any other document as required by law to be reported by the creator of the document

Countmagic offers you to create an e-Invoice in very simple and easy steps.
Create a tax invoice using Countmagic Software, after that click on the e-Invoice Button it will be directly directed you to the IR Portal, from where your invoice is registered on IR Portal and further to GST Network.