GST e-invoice is the introduction of the digital invoice for goods and services provided by the business firm generated at the government GST portal. The concept of GST e-invoice generation system has been taken into consideration for the reduction in GST evasion.
The GST officers have come to a conclusion by providing the businesses with a system through which it will become mandatory for them to generate ‘e-invoice’ for every sale on the government GST portal. This system will only be applicable to those whose turnover threshold is above the determined limit i.e. the government will set a threshold limit for them.
An official said that the businesses that will fall under a certain threshold will be given a unique number whenever an e-invoice will be generated. The businesses can match this number with the invoices which are written in the sales return and paid taxes for verification.
Why Nexus e-invoice solution?
- Simple Architecture-supports both ECC6 and S/4 HANA
- Encrypted Data sent to Govt. Portals
- Simple, seamless & Real-time solution for SAP Customers
- Ensure “Error-free transactions
- Hassle-free legally compliant invoicing
- Seamless Connectivity with the government portal
- No Manual intervention – minimum errors & validations
- Low TCO
- Configurable – changes according to the Government rules
- Standard Reporting