FAQ RELATED TO E-INVOICING – Semantic Taxgen Pvt Ltd
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July 21, 2021

Q1:- Who all are applicable for e-Invoicing?

A: This system shall be applied to the GST registered persons whose average turnover in the financial year not more than Rs.50 crore as of now, But exceptions include financial institutions, NBFCs, GTA, passenger transportation service Special Economic Zones (SEZ) units, insurance, banking and sale of movie tickets.

  1. Can an e-Invoice be cancelled partially/fully?

A: An e-Invoice cannot be cancelled partially but the cancellation is possible wholly. On cancellation, it must be reported into the IRN within 24 hours. Any attempt of cancellation thereafter, is not possible on IRN and needs to be cancelled manually on the GST portal formerly the returns are filed.

  1. Is it possible to do bulk-uploading of invoices for generation of IRN?

A: No at all, invoices should be uploaded one at a time into the IRP. The ERP of a company is designed in such a way that it can place the request for the uploading of individual invoices.

  1. Do we have the facility for e-invoice generation on the common GST portal?

A: No, invoices will continue to generate on the individual ERP based software that are at present in use by businesses.

The invoice should adhere to the e-Invoicing format and containall the mandatory parameters. The direct generation of invoices on the common portal is not yet planned.

  1. Mention all types of documents that need to be reported into the IRP?

A: The documents that are to be covered under e-Invoicing system are mentioned below-

  • Invoices by the Supplier
  • Credit Notes by the Supplier
  • Debit Notes by the Recipient

Any other document as notified under GST law to be reported as e-invoice by the maker of the document.

6.How can e-Invoicing curb tax evasion?

A:- It helps in curbing tax evasion in the mentioned ways:

  • Tax authorities accesses transactions as they occur in real-time as the e-invoice generated with help of GST portal is a mandate.
  • There is minimum scope for handling of the invoices as the invoice is generated soon after the occurrence of the transaction.
  • It will minimize the possibility of fake GST invoices and the only authentic input tax credit can be claimed as each and every invoice should generate using GST portal. As both input credit and output tax details can be matched, it is easy for GSTN to track fake tax credit claims.

7. What if you do not follow the rules?

A:-There will be non-issuance of e-Invoice

  • In case if your business has an annual turnover of around INR 50 crores or more, there needs to be a generation of an e-Invoice for every B2B transaction obligatorily. If in case an invoice on IRP is not generated, then it is implied the government is not information about the transaction.

An invoice which is issued by supplier without a corresponding IRN is now said to be invalid in all GST-related matters. This might incur a penalty equal to 100% of the due tax or INR 10,000, whatever is higher.

8. Generation of incorrect e-Invoice

A:- If there are incorrect or fraudulent details entered during the invoicing, then there is a penalty of INR 25,000 will be imposed on the taxpayer.

9. E-way Bill

A:- If goods transported without a valid e-Invoice and the corresponding E-way bill supplier tries to transport goods, the chances of seizure of goods and the levying of hefty fines upsurges multiple folds because non-compliance.

Disclaimer : The information contained in this article is intended solely for the dissemination of information and does not aim at solicitation of work. Though meticulous care has been taken but the author assumes no liability in respect of any loss/ damage incurred while acting on the information provided in this article. The author can be reached at sanjeev@semantictaxgen.in and can be called at +91-8126700005.

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