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What is e-Invoicing & What does Tally Prime Offer you
e-Invoicing is a system that allows the Invoice Registration Portal (IRP) to authenticate B2B invoices electronically. Accordingly, Tally Prime was launched on 9th Nov, 2021 to provide a smooth e-invoicing experience for you and your business. Once your e-invoice is ready, the details will be reflected in GSTR-1.
The GST Council, in its 39th meeting, has decided to implement a system of e-invoicing, which will be applicable to businesses having a turnover of more than 500 crores, effective from 1st October 2020, and to businesses having a turnover of more than 100 crores, effective from January 1, 2021 followed by Notification No. 05/2021–Central Tax on 8th March that the threshold limit for mandatory e-invoicing will be reduced to 50 crores. This Limit of 50 crores is further reduced to 20 Crores effective from April 1 ,2022 vide Notification No. 01/2022 dated 24.2.2022. Accordingly, Tally Prime’s e-invoice solution can be used by taxpayers, tax consultants, and other eligible entities. The experience is simple and is based on regular invoicing activity that does not require any special expertise.
For example, if you use Tally Prime, then you only have to record your sales transactions as usual, and your e-invoice requirement will be covered in the same flow! Important details, such as IRN, Ack No., QR code, and e-Way Bill no., will be updated in the vouchers automatically, and you can proceed to print them. Moreover, Tally Prime will ensure that both your business accounts and compliance requirements are suitably addressed.
Tally Prime also provides you with the flexibility to generate e-invoice in bulk for multiple invoices. If you do not want to generate the e-invoice while recording the transaction, then you can select one or more transactions from the e-Invoice report and generate the respective IRN, at your convenience.
How to get started with e-Invoicing
To get going with e-Invoicing you only have to create your e-invoice profile in IRP and then enable e-invoicing in TallyPrime.
1. To get started with e-invoicing, you have to first register your business on IRP and then create an API user profile by selecting Tally India Pvt Ltd as your GSP.
2. In Tally Prime, you have to enable the e-invoicing facility in your company features.
3. Press F11 and set Enable Goods and Services (GST) to Yes. The Company GST Details screen opens.
4. Set the option e-Invoicing applicable to Yes. The related options for e-invoicing will now be visible.
5. After entering the required information, accept the screen by pressing Ctrl+A to save the details.
Watch our webinar to know all about e-Invoice in Tally Prime
Please get in touch with our team on 7738382748 / 9987595964.