India Publishes Educational Materials on E-Invoicing
On November 29, 2024, the GSTN (Goods and Services Tax Network) issued Advisory No. 461, providing a glossary and a step-by-step guide to assist taxpayers in understanding and complying with mandatory e-invoicing requirements.
Glossary Highlights
The glossary explains key terms related to e-invoicing, including:
- E-Invoicing: The process of electronically generating and reporting invoices.
- Invoice Registration Portal (IRP): The platform for invoice registration.
- Invoice Reference Number (IRN): A unique identifier for each invoice.
- Debit and Credit Notes: Their distinctions and usage.
- E-Invoice QR Code: Essential for verification.
It also covers technical details, such as:
- JSON Format: For invoice data submission.
- API Connections: For seamless reporting via the IRP.
Purpose
The GSTN's materials are purely educational and do not alter the existing system. They aim to help businesses understand their responsibilities and gain clarity on how the e-invoicing system functions.
Additional Advisory
In addition to Advisory No. 461, GSTN also released Advisory No. 553, focusing on authorized B2B e-invoice verification apps. These apps enable buyers to verify invoice authenticity by scanning QR codes, simplifying the verification process, and ensuring document accuracy.
This initiative underscores India’s commitment to enhancing taxpayer education and streamlining compliance with the e-invoicing framework.
There’s more you should know about e-invoicing in India – learn more about the new and upcoming regulations.
