The latest development in e-invoicing requires companies with an annual aggregate turnover of Rs. 20 Cr. or more to generate IRN from April 1, 2022, (FY 2017-18 onwards) as per GST Notification 1/2022 released on 24th February 2022. And, GST Notification 17/2022 dated 01-08-2022 mandates e-invoicing for taxpayers having AATO above Rs. 10 crores in any financial year since FY 2017-18 w.e.f 1st October, 2022.
The e-invoice mandate extension has brought in a lot of queries and uncertainty among businesses. In this article, we share all the important tasks that one needs to undertake before starting their e-invoicing journey.
To start generating e-invoices, there are certain preparatory activities. Organisations can get started with these in parallel to getting their internal system and processes ready for e-invoices. In this article, we share all the important tasks that one needs to undertake before starting their e-invoicing journey.
- Defining Rs. 10 Cr. Limit: E-invoicing is applicable to you only if your annual aggregate turnover (AATO) exceeds Rs. 10 Cr. in any financial year right from 2017-18. The annual aggregate is the actual PAN level turnover. It does not include the tax portion and only the actual supplies are covered under turnover.
- E-invoice Enablement Status: Once you know your PAN falls under the mandate, you need to check the enablement status for your GSTIN on the NIC E-invoice Portal for e-invoicing. You can check the same on the official link: E-invoice Enablement Status
- Get yourself Enabled on the Official Portal: If the status of your GSTIN is not yet enabled on the official portal and the e-invoice mandate is applicable to you, then you need to get yourself enabled manually. Here is the official link: Enable GSTIN for E-invoicing
- In case of E-invoice Non-Applicability: If the status of your GSTIN is enabled but the e-invoice mandate is not applicable to you, raise a ticket to get your GSTIN disabled for e-invoice. Keeping it enabled may not directly impact you, however, if your customers verify your status using the NIC portal, then declaration from you may be asked. Here is the link : Raise ticket
- Register on the LIVE E-invoice Portal: Once you have all your GSTINs enabled, then the next step is to register these on the live e-invoicing system. With this step, you shall get credentials to log in to the NIC portal. The registration process is expected to start from 16th March 2022 as per the recent communication from NIC. Link : Register on E-invoice Portal
- Register your GSP for E-invoicing: With enablement and registration, you can start using the NIC portal for e-invoice generation. If you are using ASP-GSP or any third party applications like your ERP system, then an additional step of setting secured credentials for every third party application is needed. For this, log in to the NIC portal and then set up API credentials. Read: How to Register your GSP for E-invoicing
Note: If you are already using the NIC E-way Bill system, these steps are not required. The credentials of the E-way Bill system can be reused for the e-invoicing portal.
IRIS GST, a business line of IRIS Business Services Limited is one of the few authorized GSPs chosen in the first round of selection by GSTN in 2017. At IRISGST, we believe that the implementation of GST and now e-invoicing will play a pivotal role in crafting the technological advancement of any business.
If you are looking for Automated, Integrated and Seamless e-invoicing Software, contact us today! Our e-invoicing solution is a complete tool for a seamless e-invoicing process.
IRIS Onyx has proven to be a blessing for all our clients who managed to carry out the entire process of IRN generation smoothly. Our team has been dedicated to helping clients with all their queries and has been conducting free webinars to spread awareness about the latest changes and extend support in the implementation of the e-invoice mandate.
– VANDIT SHAH, GIA INDIA