Microvista’s GST E-Invoicing API in India – The game changer for your business

What are E-Invoices?

A structured and standardized system to report all B2B invoices to the GST system has been introduced by the government. This is also known as “E-Invoicing under GST” or “Electronic Invoicing”. This is a system to generate authenticated B2B invoices between the supplier and the buyer. It is a system where invoices are generated digitally in a structured format for B2B transactions and validated by the Goods   and Service Tax Network (GSTN). This has become mandatory for all the companies with a turnover of over Rs.100 crores to switch to E-invoicing system from 1st January 2021. It already became mandatory for companies with a turnover of over Rs. 500+ crores from 31st October 2020. Further, this would become mandatory for all B2B transactions irrespective of company size in the coming 12 to 18 months.

Basically it’s the invoice that is ‘reported’ on the GSTN Invoice Registration Portal prior to sending to the buyer. The portal then issues an IRN (Invoice Registration Number) along with a QR code that should be printed on the invoice and then sent to the buyer. This way all invoices that are transferred to the GST portal are uniform in structure and makes the whole process of filing GST very easy.

Connect with Microvista for best GST E-Invoicing API solutions.

Benefits of E-Invoicing:

This is very important and significant to understand.

Real time invoicing:

E-invoicing helps to track real time data of invoices generated by the supplier. It also enables the fast availability of Input Tax Credit (ITC). It is also very easy to keep the track of e-invoices byu he supplier and the buyer.

Easy generation of e-way bill:

Taxpayers can just enter the vehicle’s details and then the e-way bill can be created very easily. Details are auto-populated in the part A of the e-way bill from the GST portal for the authenticated invoice.

Standard format:

E-invoices are generated in a standard format which helps in uniform information flow and makes it easy to understand by the stakeholders involved. This makes the whole process of invoicing very simple and interoperable.

Faster access:

E-invoicing helps to access invoices faster and easier.

Reduced data entry error:

All the invoices generated under the e-invoicing system are uploaded on a common portal and are very well authenticated before transferred to the GST portal. This happens in real time. This auto population system reduces the changes of data entry since manual entries are eliminated during GST return filing.

Why get the GST E-Invoicing API from Microvista?

With Microvista’s best quality and enriched GST E-Invoicing API service, your company can very easily manage the generation of e-invoices without any errors. We make sure that the data is checked, validated, authenticated, encrypted and transmitted securely to the IRP (Invoice Registration Portal), then the IRN is sent to you in a ‘ready to print’ format. Our provided data includes the IRN and QR code for your easy use.

With our GST E-Invoicing API, you will experience: 

  • Seamless and smooth integration with your existing system/software. 
  • Our GST E-invoicing API is scalable for the future and convenient to use.
  • Our expert team is available to assist you whenever you face any issue.
  • High data security.
  • Direct communication between the supplier and the buyer through a well monitored system.
  • Prompt customer support.
  • Transparency in all our communication.
  • We have a large handling scale in India.   

Get started with GST E-Invoicing with our API:

Microvista’s GST E-Invoicing meets the standard and mandate requirements of GST E-Invoicing. We provide India’s most trusted and the simplest e-invoicing API solution. We would be very happy to share more details with you. Contact us today for the best and enriched e-invoicing API or for the best GST E-Invoicing API in India. Call Our Experts  70167-11841 / 97731 38204 / 079-26460445.

Get Real time GST Verification API from Microvista

Microvista’s GST Verification API is a one time, quick and hassle free integration

GST Verification API is required to verify your customer’s GSTIN for smooth commercial transactions. It can be used for any small, medium or large scale companies. Microvista’s GST Verification API integrates very quickly with your existing application, website or software and helps you to get the accurate and reliable GST information of your customers/vendors very easily and in a swift manner from the GSTIN server. Now you can confidently take merchants and vendors on board knowing that they are genuine and are active GSTIN holders.

What is the GST Verification API?

GST Verification API is an interface that helps you get the accurate GST details of an individual or a company. These GST details are needed for better financial transactions. Microvista’s GST Verification API helps you to identify the credibility of the GST account.

Why is the GST Verification API needed?

GST Number verification is the need of every business to make sure that your GST has been paid to the correct party. It is very much needed to protect yourself from fake or fraud GST accounts. It assists in extracting your customer’s company details like trade name, legal name, registration date, gstin status, business place details, etc.

  • It gives real time GST information.
  • It’s very reliable.
  • It’s very simple, easy to use and seamless. 
  • Protects you from fraudsters. 
  • Accurately check your traders and vendors.
  • Considerably reduces your time to verify the information of your customers offline.

Contact us today. Call Our Experts  70167-11841 / 97731 38204 / 079-26460445.

Why Microvista’s GST Verification API?

The Indian economic world is a fast-developing one, with many hundreds and thousands of companies coming up each year and it is very important to check the best and credible company when you want to do business with them. Microvista’s best GST Verification API helps you all along the way to verify your customer’s GST account and other necessary details.

Microvista Technologies Pvt. Ltd. is a leading premier software company serving the clients globally. We have the best and dedicated IT professionals who are highly inspired, creative and talented. By using our GST Verification API you will experience the best product and best collaboration with our team. We make sure to use the best and latest IT practices and proven expertise to give our clients the best quality of services and products. We, at Microvista, work for our client’s satisfaction and to exceed clients’ expectations. Connect with us. Visit us.

QR Code for B2C Invoices: “Digital Display” for Customers?

B2C (or Business to Customer) Invoices are those where the buyer is the end user who will not be claiming Input Tax Credit (ITC) from GSTN. As per the Notification published after the 39th GST Council meeting held on 14th March 2020, the government has made it mandatory for businesses with turnover greater than 500 Crore to display QR Code on their B2C Invoices too.

The QR Code can be scanned to extract information as under:-

  • GSTIN of the supplier
  • GSTIN of the recipient
  • Invoice number given by the supplier
  • Date of the generation of invoice
  • Invoice value
  • Number of line items
  • HSN Code of the main item
  • Unique Invoice Reference Number/Hash

However there is an ambiguity in the following explanation indicated in the Notification:- Notification No. 14/2020– Central Tax

“Provided that where such registered person makes a Dynamic Quick Response (QR) code available to the recipient through a digital display, such B2C invoice issued by such registered person containing cross-reference of the payment using a Dynamic Quick Response (QR) code, shall be deemed to be having Quick Response (QR) code.”

In the above, the “registered person” is the seller who has been assigned a GST Number, while the “recipient” is the buyer who is not registered with GSTN.

Normally, a QR Code printed on a Bill is static, and its content cannot be changed after the Bill is handed over to the customer. However, here the requirement seems to be to provide a “Dynamic QR Code” through a “digital display”.

This would mean that the dynamic QR Code in every printed Bill given to the buyer must contain the link to a URL using which the buyer can navigate to the “digital display” indicating the payment status (“cross-reference”) of the Bill

If this interpretation is correct, then every Company with aggregate turnover over Rs 500 Crore that needs to issue B2C Invoices with effect from 01 Oct 2020 will need to have a cloud based software application which will provide the “digital display”

using which their retail customers (or tax officials) can view the payment status of B2C Invoices.

Government to release all GST, customs refund worth Rs 18k crore

In a bid to provide relief to businesses hit by the Covis-19 pandemic, the Government on Wednesday said it will release all GST & Customs refunds to provide benefit to around 1 lakh business entities including MSMEs

“It has been decided to issue all pending GST and Custom refunds which would provide benefit to around 1 lakh business entities, including MSME. Thus, the total refund granted will be approximately Rs. 18,000 crore,” said a statement.

The Government also said it would provide immediate relief to the business entities and individuals by releasing all the pending income-tax refunds up to Rs. 5 lakh, immediately. This would benefit around 14 lakh taxpayers.

“Speedy online IT, GST and Customs refunds without human intervention, even upto Rs 5 lakh, should assuage the situation of MSMEs, who would be under extreme cash crunch,” said Harpreet Singh, Partner.

To provide relief to businesses grappling with the economic impact of Covid 19, the Government on March 24 had extended the filing of Return for the month of March, April and May 2020 and composition returns under GST June 30. The Finance Minister also said companies which have less than Rs 5 crore turnover will not have to pay interest, late fee or penalty. For bigger companies late fee and penalty will not apply and only interest at a reduced rate of 9% will be charged.

However, taxpayers have been demanding more and a significant wish was the refund of stuck GST. “As a next step Government could look at, expediting issuance of benefits under Foreign Trade Policy i.e. Service Exports India Scheme (SEIS) and duty drawbacks. This could provide relief to lot of small service and goods exporters,” adds Singh.

According to MS Mani, Partner, India, “In a situation where businesses are making plans of dealing with cash crunch situations on resumption of operations, enabling GST refunds on a war footing would be assist businesses and energise them. Businesses which have borne the brunt of the lockdown would be greatly enthused at the prospect of getting GST refunds enabling quicker resumption of operations.”

Govt set to release Rs 20,000 cr pending GST compensation to states soon

The finance ministry is set to release Rs 20,000 crore in pending goods and service tax (GST) compensation to states soon, Business Standard has learnt. This will not be from the compensation cess, but from the Consolidated Fund of India, and comes days after the Centre disbursed Rs 17,287 crore to states as devolution and disaster funds.

The finance ministry and the Prime Minister’s Office are also working on another stimulus package, which is expected to be announced soon. There is no definitive number yet on the quantum of the package, which will again be aimed at the urban and rural poor, micro, small and medium enterprises and the sectors most affected by the coronavirus disease (Covid-19) pandemic and the subsequent 21-day nationwide lockdown.

Officials working on the stimulus package say that a lot of ever-changing factors are still under consideration. These include active cases of Covid-19, hotspots, and the status of the lockdown after April 14.

“The revenue department has been authorised to clear Rs 20,000 crore in GST compensation dues to states,” said a top government official.

“We can only disburse compensation to states from the compensation cess fund. Since it is not available, approval has been given for releasing it from the Consolidated Fund,” said a second official.

Even with the Rs 20,000 crore distributed among states, it will still be a fraction of what they have been demanding in financial support and clearance of pending dues. Central government officials say there is a resource crunch, but more will be given. States have also been allowed to borrow 50 per cent of their total 2020-21 limit in April itself.

Maharashtra had sought a special package worth Rs 25,000 crore from the central government and asked it to release pending dues worth Rs 16,654 crore under various heads by March 31, to fight the economic crisis. Tamil Nadu has sought a special assistance of Rs 4,000 crore and a slew of other financial support measures. West Bengal has sought a package of Rs 25,000 crore and clearance of dues worth Rs 36,000 crore. Additionally, all states have sought relaxation of their borrowing limits.

With only 65 per cent of compensation due for October and November at Rs 19,950 released last month, the total disbursal has been Rs 1.2 trillion as against full-year collection of just Rs 95,000 crore. It is, in fact, Rs 3,000 crore short of the revised estimate of Rs 98,327 crore.

Compensation cess, to be released on a bi-monthly basis, has been pending for about five months. With compensation of over Rs 60,000 crore still pending, some states are even planning to drag the Centre to the Supreme Court.

“Never in the history of India has there been such a callous attitude of the Centre towards the states. There is no option other than the states approaching the Supreme Court,” Kerala Finance Minister Thomas Isaac told Business Standard.

The central government was of the view that it would only release compensation out of collections through levy of cess on luxury and sin items like automobiles, tobacco, and aerated drinks.

In her Budget speech, Finance Minister Nirmala Sitharaman said it was decided to transfer to the GST Compensation Fund balances due out of collection in 2016-17 and 2018-19 in two instalments.

GST officers process 10,077 new registrations, 7,876 refund applications in 10 days of lockdown

GST Network on Sunday said tax officers have processed over 10,000 new registrations and about 8,000 refund applications in the first 10 days of lockdown till April 3, working through Virtual Private Network (VPN).

In a statement, the Goods and Services Tax Network (GSTN) said it has enabled tax officers of different states and union territories (UTs) to access their office during the lockdown period, and is providing secured access to the office network on request.

Till March 31, 2020, GSTN had enabled 1,748 tax officers from 18 states/UTs to access office through VPN, a secure way to access office network.
This is in addition to the three hill states which already connect to the GST System using VPN.

“A total number of 20,273 registration-related cases were processed during the first 10 days of lockdown, i.e. from March 25 to April 3, 2020. This includes 10,077 cases of new registration, 3,377 cases of core amendment, 3,784 cases of cancellation by application, 1,966 cases of cancellation by suo moto and 1,069 cases of revocation,” GSTN said.

“Similarly, 7,876 cases of refund were also processed during the period,” it added.
The government announced a 21-day nationwide lockdown, beginning March 25, to contain the spread of coronavirus.

Apart from 1.23 crore taxpayers, GSTN provides technology services to 29 states/UTs for implementation of GST.

For these states and UTs, GSTN provides back-office applications like processing of registration application, processing of refund applications, audit, assessment, appeal, among others, for all their tax officers, which is different from the front-end interface used by the taxpayer — GST portal.

Soon after the lockdown was announced, GSTN offered secured access to all these states to enable their officers to work remotely.

“VPN is helping officers to avoid the backlog which could have happened if the cases were not processed during the lockdown. With the provision of auto-approval of applications, if not processed by the tax officer in a time-bound manner, the officers want them to do it manually to avoid any future complication,” GSTN said.

Covid-19: Govt extends e-way bill validity, defers restricted ITC under GST

The government on Friday extended the validity of e-way bills and deferred the application of restricted 10 per cent input tax credit under goods and services tax (GST) giving relief to the industry dealing with supply and cash flow issues amid the coronavirus (Covid-19) induced lockdown.

The validity of e-way bills that were set to expire between March 20 and April 15, has been extended till April 30 to help companies facing supply-related issues with orders stuck in transit in most cases.

“Where an e-way bill has been generated and its period of validity expires during the period 20th day of March, 2020 to 15th day of April, 2020, the validity period of such e-way bill shall be deemed to have been extended till the 30th day of April, 2020,” the finance ministry said in a notification issued late evening on Friday.

Under the GST regime, e-way bill has to be generated if goods worth over Rs 50,000 are transported. An e-way bill is valid for up to 24 hours for a distance of 100 km, depending on the size of the vehicle. However, if the vehicle does not cover 100 km within 24 hours, another bill has to be generated. For every 100 km travelled, the bill is valid for one additional day.

The central board of indirect taxes and customs (CBIC) also deferred the application of 10 per cent restriction for availing input tax credit for February, to August, and rolling over the cumulative applicability to the month of September this year. The seven-month window will ease industry’s working capital and cash flow.

In order to plug evasion, the GST Council in had in December restricted input tax credit to 10 per cent of the eligible amount for an entity if its supplier has not uploaded relevant invoices detailing the payments made. It was tightened from 20 per cent introduced in October.

The GST collections fell below the Rs 1-trillion mark in March after a gap of four months, although disruption caused due to coronavirus-induced lockdown will only get captured in the subsequent months.

New GST return system for taxpayers: Here are all the details

The GST Council in its 31st meeting had decided that a new GST return system will be introduced for taxpayers.

The government has unveiled a transition plan for taxpayers under the goods and services tax to switch to new simpler return forms. In order to ease the transition process, between July-September the new form would be available on trial basis for familiarisation.

The GST Council in its 31st meeting had decided that a new GST return system will be introduced for taxpayers.

The Goods and Services Tax Network had shared a prototype of the offline tool in May, 2019, an official statement said on Tuesday. The look and feel of the offline tool would be same as that of the online portal.

There are three main components to the new return – one main return (FORM GST RET-1)and two annexures (FORM GST ANX-1 and FORM GST ANX-2).

From July, 2019, users would be able to upload invoices using the FORM GST ANX-1 offline tool on trial basis for familiarisation. They would also be able to view and download, the inward supply of invoices using the FORM GST ANX-2 offline tool under the trial program.

The summary of inward supply invoices would also be available for view on the common portal online. They would also be able to import their purchase register in the offline tool and match it with the downloaded inward supply invoices to find mismatches from August 2019.

Between July to September, 2019 for three months, the new return system (ANX-1 & ANX-2 only) would be available for trial for taxpayers to make themselves familiar, the statement said.

This trial would have no impact at the back end on the tax liability or input tax credit of the taxpayer, the statement added.

In this period, taxpayers shall continue to fulfil their compliances by filing FORM GSTR-1 and FORM GSTR-3B i.e. taxpayers would continue to file their outward supply details in FORM GSTR-1 on monthly or quarterly basis and return in FORM GSTR-3B on monthly basis. Non-filing of these returns shall attract penal provisions under the GST Act, it said.

From October, 2019 onwards, FORM GST ANX-1 shall be compulsory and FORM GSTR-1would be replaced by FORM GST ANX-1.

Large taxpayers, with aggregate annual turnover over Rs 5 crore in the previous financial year, would upload their monthly FORM GST ANX-1 from October, 2019 onwards.

FORM GST ANX-2may be viewed simultaneously during this period but no action shall be allowed on such FORM GST ANX-2, the statement said.

For October and November, 2019, large taxpayers would continue to file FORM GSTR-3B on monthly basis. They would file their first FORM GST RET-01 for the month of December, 2019 by 20th January, 2020.

The small taxpayers would stop filing FORM GSTR-3B and would start filing FORM GST PMT-08 from October, 2019 onwards. They would file their first FORM GST-RET-01 for the quarter October, 2019 to December, 2019 from 20th January, 2020. From January, 2020 onwards, all taxpayers shall be filing FORM GST RET-01 and FORM GSTR-3B shall be completely phased out, the statement said. The government will issue separate instructions for filing and processing of refund applications between October to December, 2019.

B2B invoices will have to be generated on govt portal by September to check GST evasion

All invoices for business-to-business sales by entities beyond a specified turnover threshold will be generated on a centralised government portal by September, a move aimed at curbing the menace of fake invoices and evasion of GST, officials said. The revenue secretary is monitoring the progress of implementation of electronic or e-invoice project for which an officers’ committee has already been set up, they added.
E-invoice for B2B transactions will be rolled out in next three-four months in a phased manner. The entire invoice would have to be generated on a government portal,” an official told .

Once rolled out, the e-invoice project will allow businesses to simultaneously generate e-way bill, if needed,” the official added. E-way bill is required for moving goods exceeding Rs 50,000.

Depending on the success of the project in the B2B segment, the revenue department would be looking at extending it to business-to-consumer (B2C) sales, especially in sectors where the probability of tax evasion is high.

Businesses beyond the specified turnover threshold, to be decided later, would be provided a software which will be linked to the GST Network (GSTN) or a government portal for generating e-invoice. The threshold can also be fixed on the basis of the value of invoice.

The e-invoice generation method will be similar to the one being followed for e-way bill on the ‘ewaybill.nic.in’ portal or payment of GST on the GSTN portal.

A 13-member officers’ committee, comprising central and state tax officials as well as the GST Network Chief Executive, has been set up to look into the feasibility of introducing e-invoice system to streamline generation of invoices and easing compliance burden. The committee will finalise its interim report this month.

The proposed ‘e-invoice’ is part of the exercise to check GST evasion. With almost two years into GST implementation, the government is now focussing on anti-evasion measures to shore up revenue and increase compliance.

There are over 1.21 crore registered businesses under the GST, of which 20 lakh are under the composition scheme.

Blocking of Interstate Transactions for Composition dealers

As per the GST Act, the composition tax payers are not supposed to do Interstate transactions. Hence next version will not allow generation of e-way bill for inter-state movement, if the supplier is composition tax payer. Also, the supplies of composition tax payers will not be allowed to enter any of the taxes under CGST or SGST for intrastate transactions. In case of Composition tax payer, document type of Tax Invoice will not be enabled.