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How eInvoicing Software Can Reduce GST Evasion and Simply Business Processes?

Whether itu2019s a small or large-scale enterprise, you need to deal with multiple transactions and supply of goods and transportation. The process of eWay Bills and eInvoicing can become a hassle in your daily activities. Thus, a comprehensive eInvoicing software is what you need to ease the course for IRN generation and streamline tax filing as a way ahead.

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How eInvoicing Software Can Reduce GST Evasion and Simply Business Processes?

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  1. HOW EINVOICING SOFTWARE CAN REDUCE GST EVASION AND SIMPLY BUSINESS PROCESSES? www.taxpro.co.in

  2. ABOUT US TaxPro is a prominent name in the Indian taxation industry that has gained a reputation as GST Suvidha Provider (GSP) through easy-to-integrate eInvoicing solutions like TaxPro GSP. The mission is to build a streamlined ecosystem to manage complex taxation and help taxpayers achieve objectives through Free Libraries and DLLs for GST, eWay Bill, and eInvoice. The company is continuously meeting the demands of implementation, compliance, reducing efforts, and increasing work accuracy and ease of use. www.taxpro.co.in

  3. With the advent of the eInvoicing concept under GST, all B2B transactions alongside notified documents require to be uploaded and authenticated by the invoice registration portal (IRP). As per the recent update, eInvoicing will be applicable for businesses with a turnover exceeding Rs. 5 crores from 1st August 2023. Whether it’s a small or large-scale enterprise, you need to deal with multiple transactions and supply of goods and transportation. The process of eWay Bills and eInvoicing can become a hassle in your daily activities. Thus, a comprehensive eInvoicing software is what you need to ease the course for IRN generation and streamline tax filing as a way ahead. What is eInvoice in GST? eInvoice, also known as electronic invoicing, wherein all B2B invoices are electronically uploaded and authenticated by the designated portal. After authentication, a unique invoice reference number (IRN) is generated for each invoice by IRP. Each invoice is digitally signed and added with a QR code. How eInvoicing Software Can Help? The concept of eInvoicing was approved by the GST Council at its 37th meeting held in September 2019. The key objective is to ensure the interoperability of eInvoices across the GST ecosystem. This will pre- populate the returns and reduce reconciliation charges.

  4. What does eInvoicing mean for taxpayers? How does it simplify business operations? Let’s find out. eInvoicing Software can Integrate with Your Existing ERP - Businesses follow several practices for eInvoicing, from using ERP to billing software and even manual recording of invoices. To standardise the format, you can get started with eInvoice API software that can be integrated into your existing ERP or billing system without making significant changes. It eliminates the need for manual data entry, and you don’t have to worry about working on two systems separately. Take Care of All eInvoicing Tasks - eInvoicing mandates the generation of IRN for every document covered under GST. Furthermore, if eWay Bill applies to you, then along with IRN, you need to generate eWay Bill as well. eInvoicing software can address all these concerns incredibly. It can perform bulk eInvoice operations and allows you to generate, print, preview, edit, validate, create IRN/QR codes, and cancel invoices within the existing ERP. The bulk operation and shortened process can help businesses achieve their core objective more effectively. Extend to Tasks Beyond eInvoicing - Once IRN is generated, the next step is to share the invoice with the customer, and it must have a digitally-signed QR code. eInvoicing software allows you to get an invoice printed along with a QR code and send it to the associated parties, which in turn brings efficiency and transparency.

  5. Validate Invoice Data as per eInvoice Rules and GST Compliance - All businesses are required to report their invoice data in a prescribed format. You must be aware of several validation rules for eInvoicing that businesses need to follow to generate IRN. To upload error-free eInvoices, use the eInvoicing API system that will take care of all validations without having you waste too much time or stressing over it. One-Time Reporting of B2B Invoices - eInvoicing allows real-time tracking of invoices prepared by a supplier and hence, fast availability of input tax credit (ITC). Under this concept, a taxpayer has to report invoices just once and get them authenticated by the Invoice Registration Portal (IRP), which validates the invoice and issues IRN. Upon authentication, details will be auto-populated to the GSTR-1 return. This minimises manual reporting that was carried out previously. Reduce Data Entry Errors - All invoices once authenticated will be transferred to the GST portal and eWay Bill portal on a real-time basis. It will lessen the scope of manipulation of invoices, and fake invoices, and thus, only genuine ITC can be claimed. This auto-population will eliminate the need for manual data entry while filing GST returns and reduce data entry errors. Understand eInvoice Schema and Format The eInvoice format is notified in GST rules as form GST INV-1. This acts as a standard template for the electronic reporting of invoice details. The eInvoice schema or format can be categorised into major headings, which include.

  6. Basic details Invoice period Preceding document/contract reference Receipt/contract references Supplier information Buyer information Payee information Delivery information Ship-To details Dispatch from details Invoice item details Document total Extra information like port code, batch details, etc. Certain details are mandatory to be mentioned while sending invoice details to the IRP. Depending upon the nature of the business and transactions, some details can be considered optional as well. Best eInvoicing API that Fits Your Business Requirements TaxPro GSP is a value-added eInvoicing API that can help businesses of any scale and sector with tax compliance. The solution offers seamless integration support for any ERP, accounting, or billing software. It consists of Java library, .Net Core or .Net DLLs, and 24/7 on-call expert support to precisely meet your business goals.

  7. It eliminates the role of JSON files and multiple visits to IRP. Upon integration, it allows you to generate, edit, validate, print, create IRN and QR codes, and handle other eInvoice operations in bulk within ERP itself. Don’t just take our word, try it for yourself and we assure you, there is no going back. Conclusion: From 1st August 2023, eInvoicing will apply to those with a turnover of over Rs. 5 crores. The concept of GST eInvoice has been taken into account to reduce tax evasion. By shifting from a paper process, your business can smoothly transition to remote working while maximising performance and efficacy.

  8. CONTACT US 0712-6638888 info@taxprogsp.co.in 222-223, Durga Chambers,1333-34, D. B. Gupta Road, Karol Bagh, New Delhi – 110 005, India

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