E-INVOICING: BUSTING THE MYTHS
e-invoicing or electronic reporting of sales invoices will soon be a reality. There are several myths and misconceptions about e-invoicing. It will be helpful to know some facts:
e-invoicing is electronic reporting of the sales invoices to the GSTN through the Invoice Registration Portal (IRP).
Invoices will not be generated on the IRP.
e-invoice does not replace e-way bill.
An e-way bill will be required for transport of goods.
Data from e-invoice can be used to autopopulate e-way bills.
There will still be some transactions which do not require e-invoice but e-way bill will be required
e-invoice does not change the tax structures or computation, but the reporting only.
Compliance is an IT exercise - not a tax consulting task.