Create, cancel, update and do everything else with e-invoice APIs
Frequently Asked Questions
What is an e-invoicing API?
In the context of e-invoicing, an Application Programming Interface (API) is a set of protocols and tools that allow different software applications to communicate with each other. Specifically, in e-invoice generation, APIs enable taxpayers or their Goods and Services Tax Suvidha Providers (GSPs) to interact seamlessly with the e-invoice system.
What happens if you do not generate an e-invoice even when you are mandated by law to do so?
If a company fails to generate an e-invoice for a taxable supply, a penalty is imposed. This penalty amounts to the greater of either 100% of the tax due on the supply or Rs. 10,000.
What is the time limit to generate an e-invoice?
The time limit for generating e-invoices is 30 days from the invoice date. This was extended from an initial 7-day limit, following a three-month deferral by the government. Currently, this regulation applies to select notified taxpayers.
What are the benefits of e-invoicing?
E-Invoicing offers several benefits, including simplified one-time reporting of B2B invoices, which minimizes the need for multiple format reporting. It facilitates the readiness of most data for form GSTR-1 filing and eases the generation of e-way bills using e-Invoice data. This system significantly reduces the need for data reconciliation between the books and GST returns. It enables real-time tracking of supplier invoices, ensuring faster availability of input tax credit and minimizing verification issues. E-Invoicing enhances the management and automation of the tax-filing process, reduces frauds due to real-time data access by tax authorities, and prevents the generation of fake GST invoices