E-invoice solution or an electronic invoicing solution is orchestrated to streamline invoice management and simplify working for invoice and compliance documents.
For the most part, e-invoice or electronic invoice reduces the risk of errors and exceptions by digitizing invoice data and synchronizing it with contracts, purchase orders, service entry sheets, and goods receipts.
Implemented from October 2020, e-invoicing is a system introduced by GST in which taxpayers with turnover more than the prescribed limit need to introduce their B2B invoices to IRP. These invoices must be in a pre-decided structured format. It is done to streamline the invoice management process.
Integration of NetSuite Invoices, Credit notes with the GST portal for E-invoicing based on registration type like Regular, SEZ ,and Export (With and Without LUT). You can make the best of E-invoicing integration to improve customer shopping experience and deliver satisfactory services.
Electronic invoicing solution under GST stands for electronic invoicing defined by the GST law. As GST-registered businesses use an e-way bill for transporting goods from one place to another, certain notified GST-registered businesses must generate e invoice for Business-to-Business (B2B) transactions.
e-Invoicing does not imply generating invoices on the GST portal but it means submitting an already generated standard invoice on a common e-invoice portal, abiding by the Govet-regulated and standard invoice format. Thus, it automates multi-purpose reporting with a one-time input of invoice details. The CBIC notified a set of common portals to prepare e invoice via Notification No.69/2019 – Central Tax.
Under the e-invoicing system, an identification number will be issued against every invoice by the Invoice Registration Portal (IRP), managed by the GST Network (GSTN). All invoice data is transferred from this portal to both the GST portal and the e-way bill portal in real-time. Therefore, it readily eliminates the need for manual data entry while filing GSTR-1 returns and generation of part-A of the e-way bills, as the information is passed directly by the IRP to the GST portal.
| Documents | Transactions |
| Tax invoices, credit notes and debit notes under Section 34 of the CGST Act | Taxable Business-to-Business sale of goods or services, Business-to-government sale of goods or services, exports, deemed exports, supplies to SEZ (with or without tax payment), stock transfers or supply of services to distinct persons, SEZ developers, and supplies under reverse charge covered by Section 9(3) of the CGST Act. |
inoday, a top ORACLE NetSuite Channel Partner, has been enabling buyers to get e invoice solutions according to their needs. They can accelerate its process by complying with new-age GST rules. inoday’s e-invoicing solution stands apart from others using the following points.
inoday helps suppliers (or taxpayers) to generate and upload their e-invoices details to enhance compliance and performance. This exclusive product offered by inoday includes all transactions and is known for reducing the risk of having multiple errors by taxpayers. The following are a few of the common business challenges solved by our solution.
We provide custom e-invoicing solutions to vendors (according to their requirements). We provide this solution only after proper assessment of business and specific scenario. We have done it from scratch for various clients and provided it for already implemented projects (after customization).
We have configured base NetSuite print that aligns with e-invoicing norms through standard portal print of the invoice. Our team has set up the standard print Size for E-invoicing QR codes, so that it can be scanned properly by the users through a scanner.
E-invoicing is difficult, especially during discount cases. In this situation, our team develops a separate setup for discounts. It can generate e-invoices with discounts. This solution streamlines the invoicing process, ensuring accurate discount application and compliance with regulations.
The client always evaluates the demo e-invoices on the sandbox account. To help them succeed, we provide dedicated training sessions to them with accurate instructions (about how to examine relevant scenarios).
Moreover, we ensure as part of our training that users must enter predefined demo GSTINs in their subsidiary master. After that, they can generate demo e-invoicing. These GSTINs are registered for demo invoicing testing.
