BUSY is a simple, yet powerful GST / VAT compliant Business Accounting Software that has everything you need to grow your business.
Additionally, templates can be used to provide a standardised design for the invoice, helping to ensure consistency across all invoices generated by the business. These elements work together to streamline the invoicing process and improve business efficiency. The designated taxpayers ensure that the accounting/billing software used to create invoices complies with the established specifications. The information is then posted to the invoice registration portal (IRP) to receive the invoice reference number (IRN) for each document. The produced invoice will be known as an “e-invoice.”
The e-invoice structure includes both required and optional fields. All required fields must be present for an e-invoice to comply with e-invoice standards. Depending on the business’s demands, optional fields may be included. An e-invoice can have a maximum of 1000 line items.
It is increased to 5000 line items in rare circumstances. To register an e-invoice on IRP, all required fields must be completed. It is possible to report NIL for a necessary field with no value. The following is a list of the sections that must be included:
An overview of the mandatory annexures are as follows:
Click here to get: E Invoice Software Software
Following the IRP’s data confirmation, the seller will receive JSON, a distinct IRN, a digitally signed e-invoice, and a QR code. The QR code includes basic invoice information. The supplier’s ERP must record the invoice’s serial number for a financial year, distinct from a GSTIN.
The IRP will construct the IRN using the supplier’s or document originator’s GSTIN, fiscal year, and the document’s specific serial number. The supplier must retain the IRN assigned to each invoice. The IRN should be kept in the ERP because an invoice without it is not a valid legal document.
The e-invoice schema contains the following columns:
| Defined Columns | Meaning |
|---|---|
| Technical Field Name | It refers to the technical name of the field |
| Cardinality | It indicates whether the item is mandatory or not, and also it indicates the recurrence of the item, i.e. whether the item can be repeated or not. |
| Small Description of The Field | This is the field name which will be displayed in the e-invoice. |
| Is It Mandatory on the Invoice | Whether the field is optional or mandatory |
| Technical Field Specification | This specifies the limitation of the string, i.e. the maximum length of the field, date format, and decimal places |
| Sample Values of the Field | Example for the user to get familiar |
| Explanatory Notes of Field | A detailed explanation about the small description of the file, i.e. what it means and what are the details to be mentioned? |
The following 30 fields are mandatory in an e-invoice:
The GST portal initially made two different e-invoice template options available. One template had only mandatory fields, and the other had optional ones. Both were Excel templates. Only the required fields were included in the template.
Adopting the E-Invoice format, JSON file, schema, and template can bring significant benefits for businesses, including improved efficiency, accuracy, and compliance with tax regulations. However, ensuring that the implementation process is smooth and that all stakeholders are trained and educated to use the new system effectively is essential. Additionally, regular updates and improvements to the E-Invoice format can help businesses stay up-to-date with the latest regulatory requirements and technological advancements.
BUSY is a simple, yet powerful GST / VAT compliant Business Accounting Software that has everything you need to grow your business.