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Webinar : e-Invoicing Under GST

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Webinar : e-Invoicing Under GST

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In our latest webinar on e-Invoicing our in-house experts, CA Kunal Gandhi, Finance Controller and Lokesh Malhotra, Lead - Product Manager, explained the concepts and challenges of e-Invoicing. Further, covered how Open simplifies e-Invoicing while keeping your business tax compliant.
Key Insights from the webinar:
1. e-Invoicing under GST - Introduction and Timelines
2. How to create e-Invoices, Standard format, Schema, etc.
3. Debunking common myths around e-Invoicing
4. Advantages of e-Invoicing
5. Demo on Generating e-Invoices using Open

For more information, Visit : https://webinars.open.money/e-invoice/

In our latest webinar on e-Invoicing our in-house experts, CA Kunal Gandhi, Finance Controller and Lokesh Malhotra, Lead - Product Manager, explained the concepts and challenges of e-Invoicing. Further, covered how Open simplifies e-Invoicing while keeping your business tax compliant.
Key Insights from the webinar:
1. e-Invoicing under GST - Introduction and Timelines
2. How to create e-Invoices, Standard format, Schema, etc.
3. Debunking common myths around e-Invoicing
4. Advantages of e-Invoicing
5. Demo on Generating e-Invoices using Open

For more information, Visit : https://webinars.open.money/e-invoice/

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Webinar : e-Invoicing Under GST

  1. 1. e-Invoicing under GST Everything you need to know Speakers Webinar Lokesh Malhotra Lead Product Manager, Open CA Kunal Gandhi Finance Controller, Open
  2. 2. Backed by the best Simplified banking for all businesses www.open.money | letstalk@bankopen.co 2.7Mn+ Businesses Powered 100,000 New SMEs/month 30Bn+ Transactions Processed 2
  3. 3. Streamlining finances & banking for SMEs, Startups & Freelancers All-in-one solution to put you in control of your finances Automate recurring payments, refunds with secure and convenient payment solutions Generate tax-compliant e-invoices Make easy bulk payouts and customize settlements to vendors and partners Automate payroll processes Gain insights with reporting and analytics Powerful APIs to program payments your way Working capital Custom made banking solutions OPEN BUSINESS ACCOUNT 3
  4. 4. ✅ e-Invoicing under GST - Introduction and Timelines ✅ How to create e-Invoices, Standard format, Schema, etc. ✅ Debunking common myths around e-Invoicing ✅ Benefits of e-Invoicing for businesses ✅ Demo on Generating e-Invoices using Open 4 Webinar Agenda
  5. 5. 5 e-Invoicing under GST: Introduction ● Process to make invoices more authentic and compliant for tax return filing purposes ● Facilitates exchange of invoices between suppliers and buyers in a structured electronic format ● GST-registered businesses must generate e-Invoice for Business-to-Business (B2B) transactions ● e-Invoice consists of invoice data in a more structured visual presentation
  6. 6. Phase: II Date: 01/01/2021 Phase: IV Date: 01/04/2022 e-Invoicing under GST: Timelines 6 Phase: I Applicable Date: 01/10/2020 Turnover 500 Cr+ Turnover 100 Cr+ Phase: III Date: 01/04/2021 Turnover 50 Cr+ Turnover 20 Cr+ Phase: V Date: 01/10/2022 Turnover 10 Cr+
  7. 7. 7 How to create e-Invoices Before After How to create e-Invoices Before After SUPPLIER BUYER NOTIFIED PORTAL SUPPLIER BUYER I N V O I C E J S O N ( I N V - 0 1 ) S I G N E D I N V O I C E J S O N W I T H I R N / Q R C O D E Issues ‘e-Invoice’ (Invoice copy with IRN/QR Code) Issues Invoice
  8. 8. 8 Important points to note ● Taxpayers will continue to create GST invoices on their own Accounting/Billing/ERP systems ● QR code is one of the mandatory particulars to be mentioned on the invoice ● GST Invoice is considered valid only with a valid IRN
  9. 9. 9 Schema & Standard Format ● Schema is the standard format for electronic invoice (INV-01) ● Has all the elements of a commercial invoice ● Ensures e-Invoice is machine-readable and inter-operable ● No provision to mention tax collected at source (TCS) in Schema ● It is only to report specified invoice particulars to IRP
  10. 10. 10 e-Invoicing process in a Snapshot Supplier IRP GST System Buyer
  11. 11. 11 Debunking Common e-Invoice Myths ● e-Invoice is not the soft copy of an invoice! ● Does not mean generation of invoice by a Government portal ● e-Invoicing is applicable for supplies to registered persons (B2B) only ● Enablement status does not mean legal binding for e-Invoicing
  12. 12. 12 Benefits of e-Invoicing for Businesses Reduction of recollection issues Important payment cycle Standardization inter compatibility Better internal control Reduction of disputes in costs Auto population of return in e invoice E Invoice
  13. 13. 13 Few more Benefits of e-Invoicing… ● Elimination of fake invoices and fraudulent ITC, eventually curbing tax evasion ● Timely reporting of all invoices eliminates compilation of invoices in the month end ● Reduced ITC verification hassles with auto-reported data ● Time and effort saved with unified reporting of B2B invoice that can be referred to for GSTR-1 and e-Way Bill
  14. 14. How the right ERP software will ease e-Invoicing Automation Consolidation Efficiency What can the right accounting software offer? Provision to directly upload your invoices to the IRP Invoice details from the IRP can be synced to the GST portal Smartly validates data to identify violations, incorrect data entry etc Ability to generate, download, view or cancel an e-Invoice from a single dashboard 14
  15. 15. GSTR 15 Why OPEN is the Easy way to pay Taxes 15 Track your challan history and pay all your outstanding challans from a single dashboard Fetch GSTR-2A reports much faster by avoiding the 20 minute wait time Auto-import invoices into GSTR-1 filing sections Save time by paying TDS directly across different categories with Open GSTR
  16. 16. 16 e-Invoicing with Open Part A Communication between the business and the Invoice Registration Portal (IRP) Part B Communication between IRP, the GSTIN/e-way bill portal and the buyer
  17. 17. 17 DEMO Generating e-Invoices with Open
  18. 18. 18 Let’s talk? www.open.money letstalk@open.money www.open.money

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