Invoice Registration Portal (IRP) is an official platform set by the Government or authorised by the Government to issue IRN (Invoice Reference Number) for each invoice/credit note/debit note generated by the businesses.
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Notification mandates e-invoicing for companies with Rs 20 cr and above turnover. Generate E-Invoice with IRIS Onyx
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E-Invoicing in India
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.
Read more on E-invoicing
Why small businesses should look forward to E-invoicing? Read the full Blog to learn the four important reasons why SMEs should adopt e-invoicing plus steps on how they can get started.
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.
It is mandatory for taxpayers with an AATO of Rs. 20 Cr. + to generate e-invoices. An e-invoice is a document with an IRN and a digitally signed QR code printed on it. In this article, we will not just learn about the consequences of non-compliance with e-invoicing but also understand the mistakes to avoid to save yourself from the penalty.
A company has to deal with multiple transactions and with the supply of goods and transportation, the requirement of e-way bills also becomes mandatory. Thus a secure and comprehensive e-invoicing software is necessary to ease the course not just for IRN generation but also to print and share invoices, manage e-way bills, and for a smooth ITC claim as a way ahead.