GSTN issued Advisory on E-Invoice Glossary and Steps:

GSTN issued Advisory on E-Invoice Glossary and Steps The Goods and Services Tax Network (GSTN) has issued Advisory on E-Invoice Glossary and Steps. GSTN has prepared an informative resource in the form of an e-invoice glossary and a step-by-step guide for taxpayers reference. e-Invoicing: ‘e-Invoicing’ means reporting details of specified GST documents to a Government-notified portal i.e., Invoice Registration Portal (IRP) and obtaining an Invoice Reference Number (IRN). It doesn’t mean the generation of invoices by a Government portal. IRP (Invoice Registration Portal): It is a government approved platform where notified persons upload or report invoices. Currently, six portals are authorised to generate IRN on reporting of invoices as per Rule 48(4) of the CGST Rules. Reporting invoices and generating Invoice Reference Numbers (IRN) on any of these portals is free of charge. IRN (Invoice Reference Number): The unique identifier for every invoice reported on an IRP. It is based on the computation of a hash of the supplier's GSTIN, the financial year, the document type, and the document number. AATO (Annual Aggregate Turnover): AATO (Annual Aggregate Turnover) for e-Invoicing is calculated based on the PAN of a taxpayer and the information provided in their GSTR-3B returns. It represents the total turnover of the taxpayer during a financial year and is used to determine the applicability of e-Invoice reporting requirements. Enablement: The process of registering and enabling a taxpayer for e-Invoicing on the GST portal, allowing them to report e-Invoices on any of the six IRPs. Taxpayers are automatically enabled for e-Invoicing based on AATO but if not enabled they need to be self-enabled on the portal. GSTIN (Goods and Services Tax Identification Number): A unique identification number assigned to each registered taxpayer under the GST system. GSTR-1: A monthly or quarterly return that taxpayers need to file, which contains details of outward supplies, including e-Invoice data. Debit Note: A debit note is a document issued by a seller to notify the buyer of an increase in the quantity and/or value/taxes of a previously issued invoice. It serves as an instrument to adjust for errors, sales returns or any other similar circumstance. Credit Note: A credit note, on the other hand, is issued by a seller to inform the buyer about a reduction in the quantity and / or value/taxes of a previously issued invoice. To Read More of E-invoice Glossary - Click Here For Step by Step Guide - Click Here