E-invoice New API Specification has been released today in line with the updated e-Invoice standard fields released early Feb 2020.
E-invoicing model has been adopted by many countries globally with varying implementation models. The Indian adoption consists of following components.
The GST Council in its last meeting pushed the e-invoicing mandate to 1st Oct 2020. Here are 5key areas which need to be strategized considering the overall impact of e-invoicing on current practices, cost and efforts.
As a concept, e-invoicing has many advantages to offer to all the participants – suppliers, recipients and the Government. It also opens up avenues to provide value-added solutions and services by using the highly standard, processable and recent invoice data.
Starting April 2020, the eInvoicing mechanism shall be made mandatory for certain category taxpayers, based on their aggregate turnover.
On 13th Dec 2019, Government notified the e-invoicing rules, its applicability and date from when the notified rules will be effective. In all there were 5 notifications and a summary of notifications.
Clearing the fog about a major misconception surrounding the E-invoice generation, it is not mandatory for a taxpayer to generate E-invoice through the government’s tax portal.
This new invoicing system is expected to be rolled out on a voluntary basis from January 2020 onwards. More information on the implementation model and final formats are anticipated to be released in the coming weeks.
