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Everything you need to know about the New system for GST Filling
Everything you need to know about the New system for GST Filling

February 1, 2020

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Financial year-end is the most challenging time of the year for the industry leaders and accounting heads. Needless to say, it is because you need to rewind your mind about the bulk transactions that happened throughout the year to file GST. Accept it or not, it’s none less than a nightmare to lose out on data as it may land you into troubles.

You must have wondered at this time, had the things been done since the beginning, the tasks wouldn’t have been this tricky. Certainly because handling the bulk transactions done every day throughout the year and then making entry manually in limited period of time is not a piece of cake. If you have been thinking of the solution to deal with this, your prayers have been answered as the GST Council, in its recent meeting, has decided to bring in practice – the system of GST E-Invoice applicable for a specified group of people.

The timelines to bring the same into practice as per the size of the business are as follow:

Taxpayers with annual avg. turnover of ? 500 Crores: 7th January, 2020 through APIs

Taxpayers with annual avg. turnover of ? 500 Crores: 1st February, 2020

This new system will be mandatory for all taxpayers with the avg. turnover of below 100 Crores. The average turnover includes the turnover of all GSTINs under the same PAN, across the country.

Let’s understand this new change in GST filling in detail and compare how it is helpful to implement a hassle-free process.

E-invoicing under GST Return – What is it?

‘E-invoicing’ or ‘electronic invoicing’ is the new platform in which B2B invoices are generated and reviewed electronically by GSTN for further use on the common GST portal. Under this electronic invoicing system, an identification code will be issued against every invoice by the Invoice Registration Portal (IRP), managed by the GST Network (GSTN). 

All invoice information will be transferred from this portal to the GST portal and e-way bill portal in realistic-time. Therefore, this way, there’ll be no need for manual data entry while filing GST returns or e-way bills; there’ll be a direct flow of information from IRP to the GST portal.

Benefits of E-invoicing

E-invoicing bridges the major gap between data reconciliation under GST. This not only reduces the errors generated by manual data entry but also resolves the scope for any further mismatched errors. Also, e-invoices and e-way bills created can be read by any software which further reduces any possibilities for the discrepancy in data transfer. The real-time accurate invoices won’t be needed to go through audits as the required information would be transferred at the time of the transaction itself.

And this is why; you should implement the same in your organization in no time. Why wait till April, if you can leverage the power of comfort in filing GST returns from today itself. Small business or large enterprise – the only thing you should look forward to, should be a seamless workflow. 

Switch to Pan European Public Procurement On-line, PEPPOL standard-compliant best ERP software today for a hassle-free billing and transaction process. The standard is accepted in most parts of the globe and gives your GST filing an altogether different approach. ERP that possess in-built business intelligence tools allows a seamless e-way billing and transaction process.


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Raju Shahi
Digital Marketer | Guest Blogger

Raju Shahi is a guest blogger and digital marketer with several years of experience in the industry.

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