GST Compliance
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E-invoicing and e-way bills
Businesses above the notified turnover must generate invoices through the invoice registration portal; an invoice without a valid IRN and QR code is not a valid document for credit. E-way bills are required for consignments above the prescribed value, and the vehicle details must be updated for each leg of the journey.
Getting the invoice right #
A tax invoice must carry the correct HSN or SAC code at the required number of digits, the place of supply, and the right split between CGST, SGST and IGST. Charging CGST and SGST on an inter-state supply means paying IGST again and claiming a refund of the first payment.
Records and retention #
Books, invoices, e-way bills and stock records must be preserved for the period prescribed under the Act — generally seventy-two months from the due date of the annual return for the year. Keep them in a form you can produce, not just a form you can store.
What you will need
- E-invoice IRNs for the period, where applicable
- E-way bills matched to sales invoices
- HSN-wise summary of supplies
- Stock register and production records
- Copies of the tax invoices issued
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