Hi, in this post, we will see about E-Invoice generation through Saral GST.
CBIC notified that GST e-invoicing for B2B transactions is mandatory for any business whose turnover exceeds Rs 100 crore from January 1, 2021. The limit set earlier was only for turnover above Rs 500 crore.
In a recent interview with PTI, Finance Secretary Mr.Ajay Bhushan Pandey said that e-invoice would be mandatory from April 1st, 2021 for all the B2B transactions by businesses with a turnover of over Rs. 5 crores.
For E-Invoicing, you have to ensure;
- You have a licence of Saral GST – Premium version.
- You have created the new financial year i.e. FY 2020-21 and switched to New Returns
- Keep these details prepared
- User-id, Password, Client id and Client secret key for IRP login
- Details of Items that will be used for Invoice generation
Once you are ready, go to Settings under the E-Invoice menu.
In the settings window, you’re IRP Log in credentials and select the options required along with E-Invoice generation i.e. E-Way bill generation, Free Quantity upload, Pre-Tax information etc. Save the settings and close.
Next, move to Product Master under E-Invoice menu.
Enter all the product and service details that will be used during invoicing.
Note: Asterisk marked fields are mandatory fields.
Now, you are all set to enter invoice details. Go to Entry under E-Invoice menu.
Start entering the invoice details.
The details to be entered are as below;
- Doc Type: Type of Document being uploaded i.e. Invoice, Credit Note or Debit Note
- Doc No: Document Number as accounted in books of account
- Doc Date: Document Date as accounted in books of account
- Supply Type: Type of Supply being made i.e. B2B, Export etc.
- Transaction Type: The mode of delivery i.e. Regular, Bill To – Ship To etc
- Bill To: The invoice recipient name to be selected from the dropdown which listed as per the details available in Party Master
Note: Enable the respective checkboxes if Reverse charge is applicable and if the supply is made through an E-Commerce vendor
In case, Transaction Type is selected as Bill To – Ship To, then enter the Ship to address by selecting the address from the given list which is listed from the Address given in the party master.
In case, Transaction Type is selected as Bill To – Dispatch From, then enter the Dispatch From an address by selecting the address from the given list which is listed from the Address given in the AssesseeMaster.
Now enter the item details. Select the product from the dropdown and enter the sale quantity, unit price and tax rate.
If the invoice is generated for Export, then go to Export Details tab, enable IsExport option and provide the details related to product export.
To display payment details on the invoice, go to the Payment Details tab and enter the related bank details and payment-related information like credit days, due amount etc.
If an additional option like Eway bill is enabled, then the related tab will be made available. Provide the details in the applicable tabs and save the document details.
If you want to edit the saved document, click on Edit and select the required document from the list displayed. After editing, save the document.
After saving, now upload the document to the IRP website by clicking on Upload. The document will be auto uploaded and the IRN details will be displayed against the invoice under the Uploaded Details tab.
This completes the process of E-Invoice generation through Saral GST.