Download E-Invoice Format in GST #Invoice #GST #TaxInvoice
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As you may be aware that the GST Council has decided to introduce electronic-invoice (hereinafter called as E-invoice) on voluntary basis from January 2020.
Presently there is no standard defined for E-invoice under GST or under any other statute. Need has been felt of having a standard to ensure complete inter-operability of e-invoices across the entire GST eco-system so that e-invoices generated by one software can be read by any other software, thereby eliminating the need of fresh data entry, which is a pain point today and also responsible for lot of transcription error related non-reconciliation. Apart from the GST System, adoption of 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 eco-system can be read by machines and obviate and hence eliminate data entry errors. In short, standard will ensure machine readability across business eco-system. Many countries across the world have adopted standards for e-invoice, based on the Universal Business Language (UBL) Standard.
GSTN, in partnership with Institute of Chartered Accountants of India (ICAI), has drafted an e-invoice standard, (referring and considering the PEPPOL standard, which is based on UBL standard) which also takes into account the requirement under tax laws and has features, which are required for international trade.
The concept note and the proposed e-invoice schema and template are discussed in this video.
The e-invoice draft now placed in the public domain is in the following three parts:
1. E-invoice schema: It has the Technical field name, description of each field, whether it is mandatory or not, and has a few sample values along with explanatory notes.
2. Masters: Masters are included of fields like UQC, State Code, invoice type, supply type etc.
3. E-invoice template: This template is as per the GST law and has been provided here to enable the reader to correlate the terms used in other sheets. The compulsory fields are marked green and optional fields are marked yellow.
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This video is merely a general guide meant for learning purposes only. All the instructions, references, content or documents are for educational purposes only and do not constitute a legal advice. We do not accept any liabilities whatsoever for any losses caused directly or indirectly by the use/reliance of any information contained in this video or for any conclusion of the information. Prior to acting upon this video, you're suggested to seek the advice of your financial, legal, tax or professional advisors as to the risks involved may be obtained and necessary due diligence, etc may be done at your end.
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