GSTN builds synergy with all business software for e-invoicing procedures
New Delhi, 06/12/19: GSTN today conducted a consultation workshop with leading companies developing business software. The workshop was focused on creating synergy within the software for the e-invoicing process, set to be rolled from January 2020. Participants invited from industry bodies included representatives of top business software organizations such as Microsoft, TCS, Infosys, Wipro, HCL, Tally, Oracle, Busy and Sap participated in the
workshop. GSTN would be conducting a series of such briefing sessions at various key cities across the country.
E-Invoice or Electronic invoice is generated by a large number of businesses today. However, they all use the format as provided by the ERP or billing software they use. Lack of a standard format leads to a scenario where an e-invoice generated on one billing software can’t be read by another, requiring manual data entry from electronically generated invoices. A standard e-invoicing system will ensure complete inter-operability of e-invoices across the entire GST ecosystem and will eliminate the need for manual data entry mitigating chances of errors. The e-invoice standard was drafted in consultation with trade/industry bodies and ICAI and the same has now been approved by the GST Council. The workshop focuses on the standardization of e-invoicing across business software platforms.
Speaking on the occasion, Mr. Prakash Kumar, Chief Executive Officer, GSTN said, “The session was the next step of what was approved by the GST council as the standard of e-invoicing during its 37th meeting held on 20th Sept 2019.
The council also published the schema on its portal. Recognizing the abstruse nature of the procedure, the GSTN felt the need to come up with an explanatory document to clear all kinds of confusions.”
The GST Council has approved the introduction of E-invoicing in a phased manner for reporting of business-to-business (B2B) invoices to GST System, starting from 1st January 2020 on a voluntary basis. The machine readability
and uniform interpretation is the key objective. This is also important for reporting the details to the GST System as part of Return. Apart from the GST System, adoption a standard will also ensure that an e-invoice shared by a seller with his buyer or bank or agent or any other player in the whole business ecosystem can be read by machines and obviate and hence eliminate data entry errors……