E-Invoice under GST- ‘Myth vs Reality’

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E-Invoice under GST- ‘Myth vs Reality’


Know the truth about the E-Invoice through ‘Myth vs Reality’

I would need to issue invoices through the GST portal.

No. You would continue to issue invoice the way you have been doing it. You are just required to generate the Invoice Reference Number (IRN) for each invoice issued through your billing software ERP or accounting software.

The generation of IRN might take several minutes and that would affect my business.

The Invoice Registration Portal (IRP) would assign the IRN in sub to milliseconds, 
E-Invoice would need to be issued for all the transactions.

Issuance of e-invoice is mandatory only for B2B transactions and exports at this stage.

If I am not using a billing software, ERP or accounting software, I can’t issue e-invoice.

E-invoicing will add one more CST compliance.

On the Contrary, E-invoice and its reporting will reduce compliance.

The IRN generated by the IRP would he the invoice number.

I would be required to make major changes in the billing software, ERP or accounting software to become e-invoice complaint

No major change would be required at your end. However, the software providers would require to introduce small changes at the backend.

There will be separate invoice formats for different businesses.

Invoice format will be the same for all the categories of taxpayer Invoice schema released by GSTIN has mandatory and optional fields that need to be filled depending upon the nature of business.

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