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Create API credentials for the GST portal for your e-invoice software.This will enable you to connect with the e-way bill system.
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If the seller has all the details of the e-way bill (Part - A and Part - B) during the generation of the e-invoice, the e-way bill will be automatically generated.The invoice data is then transmitted to the e-way bill and GST system.
#ELECTRONIC INVOICE SOFTWARE FREE CODE#
Once the invoice is validated, a QR code and an IRN (Invoice Reference Number) are generated.IRP validates the invoice generated by your e-invoicing software.The invoice is uploaded to the IRP automatically by your software.The company (you) generates the invoice using e-invoicing software.Now, let’s understand how the electronic invoicing system works. The second part consists of the GST/ e-way bill system and the buyer. The first part consists of the business and the IRP. The e-invoice system is categorized into two parts (as depicted in the below image). The buyer (the one receiving the invoice).The business (the one creating the invoice),.The key participants of e-invoicing include: To understand how e-invoicing software works, let’s first look at the parties involved. They also make it easier for you to adapt to changing GST requirements.Īdvanced e-invoicing tools also allow you to set your invoices on recurring mode so you can auto-charge customers and don’t miss any payment. The Central Board of Direct Taxes and Customs (CBIC) made the e-invoicing system mandatory for businesses with a turnover of more than ?50 crores from 1st April 2021.Į-invoicing software helps comply with government regulations, improves transparency, and is cost-effective. In the first phase, e-invoicing was made mandatory for companies with a turnover of more than ?500 crores on 1st October 2020. It went live in a phased manner, based on aggregate annual turnover (AATO). In US, e-invoicing was introduced last year (2020). Introduced in the GST software regime, e-invoicing specifies the invoice schema so that it can be read and operated by all the parties involved and accounting software uniformly. E-invoicing or electronic invoicing software is a system that enables businesses to create and approve invoices electronically.