NIC Gepp Tool: GST E-invoicing preparing and printing

Last Updated On: Feb. 18, 2021, 9:03 a.m.
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GST E-INVOICE PREPARING AND PRINTING

Introduction:

The GST Council has approved the introduction of ‘E-invoicing’ or ‘electronic invoicing’ in a phased manner for reporting of business to business (B2B) invoices to GST System.

Since there was no standard for e-invoice existing in the country, the standard for the same has been finalized after consultation with trade/industry bodies after keeping the draft in a public place. Having a standard is a must to ensure complete interoperability of e-invoices across the entire GST ecosystem so that e-invoices generated by one software can be read by any other software, thereby eliminating the need of fresh data entry – which is a norm and standard expectation today.

The machine readability and uniform interpretation is the key objective. This is also important for reporting the details to GST System as part of Return. Apart from the GST System, adoption of a standard will also ensure that an e-invoice shared by a seller with his buyer or bank or agent or any other player in the whole business eco-system can be read by machines and obviate and hence eliminate data entry errors.

 E-invoicing in India will be a big move, due to the volume of business transactions undertaken every day, as well as the plethora of different, non-standardized formats used in invoice generation. The main objective is to enable interoperability across the entire GST eco-system i.e.an e-invoice generated by one software should be capable of being read by any other software. Basically, through machine readability, an invoice can be uniformly interpreted.

 

PURPOSE:

This document aims to explain the operational procedure on how to use E-Invoice Form-based offline tool to generate e-invoices. It is expected that the document will also be useful for the taxpayers, tax consultants, and software companies to adopt the designed standard.

This document aims to explain the operational procedure on how to use offline tools to generate single e-invoices. This document is intended for registered taxpayers under GST, who are the main stakeholders of the e-invoice system under GST.

 

WHAT IS E-INVOICE?

E-Invoicing is a process in which all the invoices created by accounting software will be authenticated electronically by GSTN for further use (like return preparation, E-way bill creation).

E-Invoice is a submission of already generated Invoices from accounting software to GST Portal and we all are aware that there are hundreds of accounting & billing software, which generate invoices, but they all use their own formats to store information electronically and data in such different formats cannot understand by the GST System, hence it was not possible to submit the data from accounting software to GST System

 

Benefits of E-Invoicing System

 The major benefits of the e-Way Bill system are as follows:

 · Standardization: One time reporting on B2B invoice data in the form it is generated to reduce reporting in multiple formats (one for GSTR-1 and the other for e-way bill).

· Automation: Auto-generation of Sales and Purchase Registers (ANX-1 and ANX-2). To generate sales and purchase register (ANX-1 and ANX-2) from this data to keep the Return (RET-1 etc.) ready for filing under New Return. e-Way bill can also be generated using e-Invoice data

· Seamless Reconciliation: Reconciliation and data verification between suppliers and recipients will be seamless and thus provide better control over input tax credit computation and claim.

· Lesser Compliance: Reduction in overall compliance burden. Substantial reduction in input credit verification issues as same data will get reported to tax department as well to buyer in his inward supply (purchase) register.

· Elimination of fake invoices: Reduction of tax evasion, System-level matching of input credit and output tax.

 · Information Availability: Near real-time availability of information to all the relevant participants in the supply chain0

. On receipt of information through GST System as a buyer can do reconciliation with his Purchase Order and accept/reject in time under New Return

· Environment friendly: The need for the paper form of the multiple copies of the waybill is eliminated. Hence, tons of paper are saved per day.

· Officials saved of monotonous work collecting and matching the manual work with the returns of the taxpayers

 

What is NIC-GePP Tool?

1. NIC-GePP (GST e-Invoice Preparing and Printing) is an excel based tool

2. Assists the taxpayers to prepare and print the e-invoice with QR code

3. Facilitates the exchange of the data with the e-invoice system as per the interface format.

4. Suits for taxpayers not having the ERP system or issuing 10-12 invoices (B2B and Export) per day

5. Beta version of this tool is released for testing on the e-invoice trial portal

 

Benefits of the tool

  • An invoice entry form is like a user-friendly web form
  • Printing e-invoice in a personalized form with QR Code
  • Validating the values of an invoice as per rule
  • Generating simple accounting statements
  • Data in digital form and in easily usable and exchange form
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