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With the introduction of e-invoicing concept in GST, all B2B invoices along with other notified documents need to be uploaded and authenticated by invoice registration portal (IRP). To facilitate ease of upload, standard guidelines with respect to structure and e-invoice format are issued by the authorities. As per the recent updates, from 1st August 2023, e-invoicing will be essential for all the registered persons whose aggregate turnover (based on PAN) in any prior fiscal year from 2017-18 onwards exceeds 5 crores.
The e-invoice format is notified in GST rules as Form GST INV-1. In other words, the format or scheme of e-invoice is detailed via form GSTR INV-1. This acts as a standard template for electronic reporting of invoice details. The invoice details in the prescribed structure need to be reported to IRP in JSON format.
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The e-Invoice format can be categorized into 8 broad headings in which the details need to be mentioned. Below are broad headings of e-invoice format:
As per the e-invoice format, certain details are mandatory to be mentioned while sending the invoice details to IRP. Depending upon the nature of business and transactions, some details can be optional as well.
Download the complete e-invoice format or schema
As such there is no e-invoice format that has been set in place, however, there are certain mandatory fields that need to be present in the e-invoice as per the GST regulations.
Here are some of the benefits of having a standardized e-invoice with all the mandatory fields present in it:
As per the e-invoice format, certain details are mandatory to be mentioned while sending the invoice details to IRP. Depending upon the nature of business and transactions, some details can be optional as well. A GST invoice format is a document that shows the details of the goods and services supplies under the GST system.
What benefits do businesses gain by adopting the e-Invoice format for their invoicing processes?
e-Invoicing has several benefits, including---Reduced manual effort, faster invoice processing, improved cash flow, and enhanced financial visibility.
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