E-Invoicing aka Electronic Invoicing is an electronic authentication mechanism under GST. Under the mechanism, all the B2B invoices generated by a business (agg. turnover > ₹50 CR in a F.Y.) will have to be authenticated on the GSTN portal, electronically. Furthermore, to manage these invoices, the Invoice Registration Portal (IRP) will issue a unique identification number – Invoice Registration Number (IRN) for every invoice.
The mandate, that is introduced in phases, came into effect from 1st October 2020 for companies with turnover > ₹500 CR and from 1st January 2020 for companies with turnover > ₹100 CR. And now, the mandate gets extended to companies with > ₹50 CR turnover from 1st April 2021.
The businesses need to be prepared for e-invoicing implementation. While mainly perceived as technical change and low impact for business users, the organisations need to take some key decisions for integrating e-invoicing in their routine business operations without major disruptions.
We have prepared a comprehensive e-book that aims to cover the contours of e-invoicing in India, impact on businesses and IT systems, the key decisions to be taken and some recommendations for being future-ready.