IRN Full Form In GST, What Does IRN Stand For?
What Is The Full Form Of IRN In GST?
IRN full form in GST is Invoice Reference Number. The Invoice Reference Number (IRN) is a unique code that is assigned to each invoice issued under the Goods and Services Tax (GST) in India. The IRN is generated by the GST portal and is used to track and verify the authenticity of the invoice. Verifying the authenticity of GST invoices helps ensure that businesses are compliant with GST laws and are paying the correct amount of tax. This is important because non-compliance with GST laws can result in penalties and fines.
What Else Should You Know About IRN?
To generate the IRN, the issuer of the invoice must first upload the invoice details, including the recipient’s GSTIN (Goods and Services Tax Identification Number), the value of the goods or services being invoiced, and the applicable GST rate, to the GST portal. The GST portal will then generate the IRN and display it on the invoice. The IRN is important because it helps ensure that all invoices issued under GST are properly accounted for and that the correct amount of tax is paid. It also helps prevent fraud and counterfeiting of invoices.