E-invoicing has been the biggest and one of the most talked-about changes when it comes to GST in 2020. Read all about E-invoicing and its applicability with following heads/parameters...
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IRISGST’s E-invoicing Solution, GST Software and E-way Bill tool are powerful alone – but they are even better together.
IRISGST INTEGRATED SOLUTION INCLUDES:
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 > ₹100 CR in previous 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. 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.
Read more on E-invoicing
Understanding E-invoicing and QR code generation for B2C transactions made easy! Also read, all about QR Codes in case of B2C invoices and transactions.
The e-invoice received from the suppliers will have the extra-information related to IRN. Hence, the recipients now need to verify the same and keep it for records.