A GST invoice bill is a receipt of all goods or services a merchant provides to their customers. Any GST-registered business needs to send a GST-compliant invoice with the details of purchasing goods and services.  

The Invoice enlists all the products and services and their due amount. The receipt lets you determine how much CGST (Central Goods and Services Tax) and SGST (State Goods and Services Tax) is imposed on them.  

When Should a GST Invoice Be Done?  

One should consider generating the GST invoice bill immediately after shipping the items or providing the services. However, it can be challenging at times.  

So, suppliers can follow a standardised time limit that the Indian Government mentions in the GST law. This is as follows:

• Under Section 2 (96) of the CGST Act, 2017, goods suppliers must generate the Invoice on or before the date of removal of goods. This refers to either the goods dispatched for delivery or those received in the recipient's name.  
• In the case of consistent order of business, suppliers must generate the GST invoice bill on the date of generating the account statement or earlier.  
• Service providers must generate the GST invoice bill within 30 days of providing the service.  
• Financial service providers, like banks and NBFCs, must issue the GST invoice within 45 days of providing their services.  

How to Generate e-Invoice in GST Portal?

As product and service providers must issue the GST invoice bill within a stipulated time, knowing how to generate e Invoice in the GST portal is crucial. You can easily do it by following the steps mentioned below:  

• First-time users must visit the e-invoice portal: https://einvoice1.gst.gov.in/
• From there, go to the registration menu and then click on the ‘e-Invoice Enablement’ option
• Next, key in your company GSTIN number  
• An OTP will initiate, and you must enter it to complete the verification process
• Now, input details like your annual turnover in the respective financial year  
• Click submit, and you can register your business for e-invoicing  
• The next time, you can simply log in to the portal using your credentials  
• Upload your B2B invoices by choosing a suitable mode and generating your IRN
• Usually, there is no time limit for generating the IRN, and you can do it in the next few days  

Note: It is recommended to complete generating the GST invoice bill within the Time of Supply prescribed under the CGST Act. This is because the GST liability arises at the time of supply only.  

Conclusion

If you wish to save on your GST invoice bill and improve your goal-based saving, Fi Money can help. We offer a custom-built digital money management platform with a user-friendly interface. It also comes with an AI-powered Analyser that provides insights to help you manage your expenses better.  

As merchants or brands, you can analyse all your expenditure on different categories. This will allow better saving on monthly and even daily spending. So take advantage of our analyser to manage your money better.

Frequently Asked Questions

• How to amend an e-invoice in the GST portal?

There is a time limit for revising the GST e-invoice. However, it may not be possible to do it on the e-invoice portal. Instead, you can make amendments through Invoice Registration Portal (IRP) portal by reporting the issue.

• How to cancel an e-invoice in the GST portal?

To initiate GST invoice cancellation, log in to the e-invoice portal and click the Cancel option. It is usually present in the sidebar of the page. After that, you can enter the IRN or Acknowledgement number to proceed and enter the reason for Cancellation before submitting.