GST Update: Key takeaways from webinar organised by GSTN and NIC relating to e-invoicing
Blog: NASSCOM Official Blog
A webinar was recently conducted by Goods & Services Tax Network (GSTN) and National Informatics Centre (NIC) on August 14, 2020. Mr Yogendra Garg, Principal Commissioner-GST Policy WingC was also present during the session to clarify some aspects relating to e-invoicing.
The key takeaways that emerged from the session are provided below:
Generation of e-invoices
- E-invoicing schema is for reporting the fields to NIC for e-invoicing; All fields in the schema will not be printed on the invoice. Information to be printed on invoices will continue to be governed by the existing legal provisions including a QR code.
- Printing of QR code is mandatory and can be placed anywhere on invoice. Acknowledgement number and acknowledgement date are not relevant for reporting. Hence, they are optional for printing on the invoice.
- IRN is not required to be printed on invoice as it already forms part of the QR code.
- There is no standard size of QR code, one needs to ensure readability by a mobile QR code scanner.
- Physical copy is not required in hands of transporter. Digital copy will suffice. (1:59:35 in video
Scope
- All B2B transactions requiring a tax invoice will require e-invoicing.
- Only SEZ units are excluded from the requirement of e-invoicing.
- IRN is not required for generation of self-invoicing in case of inward RCM supplies and self-invoices for import of services.
- IRN is required for outward RCM supplies based on PAN based turnover threshold of INR 500 crores.
- IRN is not required for ISD invoices.
- Exempted categories (GTA, NBFC, Banking etc.) taxpayers are required to generate IRN for supplies other than their core business supplies. i.e. exemption is qua the transaction covered under respective Rules and not qua the taxpayer.
- IRN is applicable to all B2G (business to Government) supplies; clarification will be issued on which GST registration number to be used for supplies Government as many Government entities have the GST registration for TDS.
Cancellation and other aspects
- IRN once generated can be cancelled within 24 hours of generation. If e-waybill is generated, e-way bill is first required to be cancelled before cancellation of IRN.
- Once cancelled, IRN cannot be generated for same invoice again. So if IRN is cancelled, mandatory to cancel invoice and re-raise.
- GSTN or NIC will not facilitate peer to peer sharing of JSON of e-invoices. This means that taxpayers should continue sending an electronic / pdf or physical copy of invoices with QR code printed on them. facility may be developed later to email to buyer and seller.
- E-invoice data will be automatically populated in GSTR 1. Taxpayers to upload the balance transactions (B2C, advances etc.). There will be separate tag to identify e-invoice transactions. However, GSTR1 or GSTR2A will not show IRNs in the form.
- From NIC portal, past 2 days’ IRNs can be downloaded.
- IRN, once generated will be there on NIC portal for 2 days for download. After 2 days, taxpayer cannot download it from the portal.
We trust you will find the update useful.
Copy of the presentation is attached. Link to the recorded session can be accessed from here.
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