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‘E-invoicing’ or ‘electronic invoicing’ is a system in which B2B invoices are authenticated electronically by GSTN for further use on the common GST portal.
Under the proposed electronic invoicing system, an identification number will be issued against every invoice by the Invoice Registration Portal (IRP) to be managed by the GST Network(GSTN).
All invoice information will be transferred from this portal to both the GST portal and e-way bill portal in real-time.
Therefore, it will eliminate the need for manual data entry while filing ANX-1/GST returns as well as generation of part-A of the e-way bills, as the information is passed directly by the IRP to GST portal.
Read More About GST E-Invoice here
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The invoice generated from portal of GST shall be known as e-invoice. This will be raised for B-2-B dealers having GST registration number.
As soon as invoice is generated, it will get posted in GSTR1 of the generating dealer and GSTR2 of the receipient dealer and there shall be no further need to upload that invoice along with filling of GSTR1 return for B-2-B dealers.
Initially, this facility shall be for companies having annual turnover of Rs. 500 Crores and above and in second stage for companies having turnover of 100 Crores.
It is stated that there shall be no requirement of generating e-way bill for such e-invoices.
GST council has decided that it is necessary as many of the dealers are issuing invoices and not showing it on GST portal.