Unlike what most people assume, e-invoicing does not imply the generation of an invoice on the GST portal. Rather, e-Invoicing automates multi-purpose reporting with a one-time input of invoice details. It has many other advantages as well. For instance, it allows real-time tracking of invoices prepared by a supplier, which in turn allows for faster availability of input tax credit. Once the e-invoice is uploaded on the GST portal for authentication, it helps the buyer reconcile his purchase order with the e-invoice and also to accept/reject the invoice on a real-time basis. As per government guidelines, e-Invoicing is mandatory for businesses with a turnover over Rs 50 crore in any financial year FY 2017-18 onwards.
All B2B invoices and credit debit notes will have to follow a standard format and will be reported real-time on the Invoice Registration Portal (IRP). The portal will generate a unique invoice reference number (IRN) for the e-invoice and will be digitally signed along with a QR code. At the same time, industry experts have pointed out that there is scope for the mandate to be extended. Given this development, it has become imperative for companies to tap into solutions that facilitate generation and receipt of e-invoices.
ClearTax is the trusted choice for thousands of enterprises when it comes to e-Invoicing. Its solution helps enterprises seamlessly transition to an e-Invoicing system without affecting their business processes, irrespective of the enterprise resource planning (ERP) platform they might be using. Apart from being affordable, the e-Invoicing solution can be up and running in less than 3 minutes! ClearTax offers enterprises the best approach to e-Invoicing compliance and also provides tips and solutions for Tally, Excel and other ERPs.
YourStory in partnership with AWS and ClearTax is organising a webinar that aims to deep dive into the topic of e-Invoicing in India and understand its compliance requirements and how businesses could simplify the task.
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ClearTax builds trusted, useful and insightful platforms to help people fulfill their tax compliance requirements and improve their relationship with money. ClearTax is on a mission to simplify finances, save money and time for millions of Indian businesses and people. Know more here.
