Why is e-invoicing essential ?
- E-invoicing is expected to do a lot more than bringing uniformity and standardization in the existing invoice management system.
- Invoice data can be shared electronically from one software to another, and anyone can easily read the invoice data
There are several functional benefits of e-invoicing.
- For starters, e-invoicing improves the turnaround time to avail of the input tax credit as it allows suppliers to accept or reject transactions in real-time.
- It also eliminates the need to manually file and repeatedly re-enter the same transaction details over and over.
- Once a taxpayer electronically authenticates a tax invoice, the transaction data will be auto-populated while filing GST returns and e-way bills thereby reducing the possibility
- Manual data entry errors
- Reducing invoice reconciliation errors or disputes
- Avoiding duplication of data and eventually making filing of GST returns and generation of e-way bills seamless
“Improve payment cycles, reduce invoice processing cost and time by eliminating the requirement of delivering a physical invoice to the recipient.”
Challenges with e-invoicing
- Need time for understanding
- Impact on business operations
- Manual entry for tax invoice
- Data sanitization and validation
- Training for internal teams
- Invoice schema updates
- Segregation of B2B and B2C invoices
- Cancel and amend e-invoices
- Storage of e-invoice data
- Issues with scalability
- Invoice content formats
- ERP integration and technology readiness
- Data reconciliation with GSTR-1 and e-way bill
- More time spent on reconciliations
How GST Portal Integration API Solution help smooth E-Invoicing
The current system requires a taxpayer to carry multiple copies of an invoice for various purposes, and there are difficulties in sharing the invoice data due to non-standardised machine-to-machine communication, increasing invoice processing cost.
GST Portal Integration API Solution will help to manage Multiple E-invoice generation
- Provides integration with the ERP or accounting system of the taxpayers
- Provides appropriate and flawless results with zero to minimize errors along with the GSP
- API integration with GST portal is faster and gives quick response
- No need to signing up and generation API keys
- Help in checking and generating multiple e-invoice at the same time
Types of GST APIs Solution ROSTAN provides
- ACL based PL/SQL Package solution
- Node REST API solution
- OIC Integration solution
- Java Rest Full API base solution
- GSP/ASP enrich API Integration
- GSTIN Direct API integration