GSTN releases list of 5 approved mobile apps for fast verification of GST invoices, easy input tax credit claim
Now businesses have a very convenient tool to check the authenticity and validity of an e-invoice sent by suppliers. The Goods and Services Tax Network (GSTN) has authorised five official mobile applications for verification of genuineness of e-invoices of businesses. Although this functionality already existed on the GST portal, it could only be accessed using a computer i.e. desktop or laptop. Experts lauded this innovation by GSTN and said this will make the process of invoice verification much more convenient. Moreover, it may also help curb the menace of fake GST invoices which is hurting businesses and protect buyer's input tax credit mechanism also.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;} An advisory dated November 27, 2024, from the Goods and Service Tax Network (GSTN) said, "GSTN has prepared a consolidated document on authorized B2B e-Invoice verification apps available for download. The said document would serve as a reference to ensure that taxpayers have the most up-to-date information regarding approved B2B e-Invoice verification apps."
Read below to find out how these apps may help business buyers with their input tax credit and also sellers in quickly getting their business invoices approved by buyers.
What function do these five GST apps perform
There are a total of five apps, and they are all interoperable. The only difference is that these apps have been developed by different vendors: EY, Cygnet, NIC, IRIS and GSTN itself. GSTN said that all these apps are valid e-invoice verification apps. The image below has QR codes with embedded links for downloading the respective apps.
Authorised e-Invoice Apps- Goods and Services Tax Network (GSTN)Source: GSTN portal
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Gourav Sogani, Partner at Economic Laws Practice says, "The GST Network (GSTN) has introduced five apps, offering various useful features like GSTIN (Goods and Service Tax Identification Number) verification, e-Invoice retrieval, generating e-invoices, checking the history of supplier and IRN (Invoice Registration Number) status etc.
Sogani points out that the National Informatics Centre (NIC) and Cygnet app have an additional feature not present in the other apps. "The NIC and Cygnet app go a step ahead and add an extra layer of security by verifying digital signatures," he says.
Do note that this correspondent tried to download the QR Code Verify App developed by NIC but the said app was not published in Google Play Store. When this QR code (shown above) is clicked it redirects to https://einvoice1.gst.gov.in/Others/QRCodeVerifyApp from where you need to give your mobile number and verify it using an OTP. Once it's confirmed, you get an SMS with a link to download the app from the NIC website.
Sogani explains that these five apps have been designed to help taxpayers easily verify the authenticity of invoices issued by their suppliers with facilities like a quick scan of the QR code on the mobile.
"All of these apps are for invoice verification and validation which help in accurate and easy compliance for the businesses," says Sonam Chandwani, Managing Partner, law firm KS Legal & Associates.
These GST apps can help reduce fraudulent invoice issues and in turn reduce litigation risk for buyers
Experts say that at times the buyer deals with hundreds of suppliers if not thousands or more. At times it may not be feasible to check every invoice on the GSTN portal. In this situation, a simple scan and search functionality on the smartphone app may save time and reduce the chances of fraudulent invoices or improper invoices.
According to Sogani, "The invoice is the key document for availing the Input tax Credit (ITC). Now, with the help of these apps it will become easier for the taxpayers to identify whether the invoices issued are in compliance with the law or not (including fraudulent QR codes or Invoice Reference Numbers (IRNs)) which has become a huge challenge in recent times. Therefore, these apps will make it easy for the taxpayers to prove their eligibility for input tax credit on these invoices. Thus, it will greatly help businesses to avoid legal issues, resulting in hefty penalties and disallowance of genuine ITC if e-invoice is found not in order."
Why is it important for buyers to check the authenticity of each e-invoice?
Chartered accountant Bimal Jain, founder, A2Z Taxcorp LLP, a chartered accountants' consultancy firm, says that earlier there were cases of suppliers sending counterfeit invoices or invoices not in the official format to buyers. "So the buyer can't claim this invoice and its tax credit if the invoice is not in the proper format as per GST law. As a buyer he may have no idea whether the invoices sent by the sellers are genuine or fake or in the correct format. Since his input tax credit is dependent on this invoice, hence it is important to check every invoice he receives."Jasmine Damkewala, Senior Partner at Circle of Counsels and Advocate-on-Record, Supreme Court of India, says, "The rationale for verifying invoices is to prevent fraudulent activities and tax evasion; to ensure accuracy and authenticity of invoices; to maintain compliance with GST regulations; and to reduce revenue losses. Verification of invoices is intimately connected with Input Tax Credit. To claim Input Tax Credit, businesses must ensure invoices are genuine, accurate, and GST-compliant. The verification by various modes and access to Apps prevents incorrect or fraudulent ITC."
Other ways these apps can help buyers
ET Wealth Online has asked various experts about how these five apps may help users in other ways. Here's what they said:Faster verification: Chandwani says: "These apps address earlier issues of manual validation which was done by uploading on the portal. These apps ensure faster and accurate processing of invoices. Ultimately this results in reduced instances of penalties for businesses and ensures easier accounting for them.Less effort: Jain says: "Checking the e-invoices on the GSTN portal requires some effort and inconvenience as the utility to check the invoices is inside the portal which can be opened only on a computer. Now, GST registered individuals have got these apps which make it much easier and convenient for buyers to approve invoices as these apps can be installed on any Android phone or iPhone. In my opinion checking and scanning a QR on a mobile device is faster than uploading the invoice on the portal and then verifying its authenticity."Single window access to multiple functionalities: Damkewala says: Now you don't need to shuffle between multiple tabs and keep hunting for a feature on the portal, a single app can do all of these tasks. These apps perform many functions such as invoice validation, verification of the authenticity and accuracy, compliance check, provide transaction insights, fraud detection, reporting and tracking. If used correctly, these apps can help in better decision making by providing valuable insights through data analytics and other tools. #sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}
This story originally appeared on: India Times - Author:Faqs of Insurances
