The council also decided to exempt certain classes of registered entities (like Insurance Companies, Banking, Non-Banking Financial Institutions, Goods and passenger Transport Agencies, etc.) from generating e-invoice. The exempted category of GST registered entities can continue their existing business process for generating the tax invoice.
- In an e-invoicing regime, a new invoice schema has been stipulated to avoid compatibility issues across a multitude of ERP systems used by various taxpayers under GST regime.
- This is applicable to B2B and B2G supplies and every new B2B and B2G invoice must be uploaded to Invoice Registration Portal (IRP) in real-time and an invoice generated from the supplier system must contain the mandatory data as per the prescribed schema.
- If the invoice information received is in order, IRP will acknowledge the receipt of the invoice which will be registered at the GSTN portal and send back the unique Invoice Reference Number (IRN) which must be printed in the tax invoice generated by taxpayers from their ERP/Accounting system.
- On successful registration of the invoice at the GSTN portal, IRP will digitally sign the invoice and assign a unique QR code and the same will be communicated back to the supplier.
- Invoice generated from the system without electronic registration and without QR code will be considered as an ‘INVALID’ document.
Please note that GST changes for 2020 are delivered as part of FSCM 9.2 Image 37.
How do I get this solution?
For any additional assistance, feel free to contact Oracle Support.
More information on the changes can be found in the documents below:
http://support.oracle.com/epmos/faces/DocumentDisplay?id=2221085.2
http://support.oracle.com/epmos/faces/DocumentDisplay?id=2700346.1