As per information on the common portal, GSTN has started auto-populating GSTR-1 on the basis of Invoice Reference Number (IRN) on near to real-time basis along with the source, IRN number and date.
What is Invoice Reference Number (IRN)
E -invoicing has become mandatory from 1st October, 2020, for registered persons (barring some exceptions) having aggregate annual turnover at PAN level of more than Rs 500 Crore. E-invoicing means creation of GST invoices by tax payers on their own Accounting / Billing / ERP systems and thereafter uploading the specified particulars of invoice (in FORM GST INV-01) on Invoice Registration Portal (IRP).
Thereafter the IRP returns the e-invoice with a unique Invoice Reference Number (IRN) after digitally signing the e-invoice and adding a QR code. The invoice can be issued to the receiver (along with QR Code). A GST invoice will be valid only with a valid IRN. IRN is a unique 64-character hash.
Auto population of invoice details:
For ready reference of our readers the snap of relevant window of the GST portal auto populating the invoice details is as under:
It may be noted that the IRN data will also be reflected in the counter-party’s GSTR-2A for the purpose of availing of ITC by it.
Source: #GST Portal
***
[rainbow]Don’t miss the next GST Update / Article / Judicial pronouncement[/rainbow]
Subscribe to our newsletter for FREE to stay updated on GST Law
Resolve your GST queries from national level experts on GST free of cost.
TW Editorial Team comprises of team of experienced Chartered Accountants and Advocates devoted to spread the knowledge of GST amongst the various stakeholders.
