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What is e-Invoice
Electronic invoicing (e-Invoicing) is the exchange of the invoice document between a supplier and a buyer in an integrated electronic format. e-Invoicing is a common B2B practice for many years. It has been the biggest and one of the most talked-about changes when it comes to GST in 2020. Invoicing practices have been quite industry-specific. Despite the proprietary ways of preparing invoices, a unified approach of e-invoicing was taken in good spirit by the overall taxpayers.
With the first phase and second of e-invoice already being implemented for the businesses with a turnover of 100 crores and above, it’s now time for the next phase of e-invoice to be implemented from 1st April,2021 after successful adoption by companies with turnover of more than Rs. 500 CR (that went LIVE from 1st October 2020).
Benefits of e-Invoice in Tally Prime
What should you do from 1st April,2021?
If you are a business with an annual turnover of 50 crores and above, e-invoice will be applicable, and you need to electronically upload all B2B and B2G invoices to the portal. You need to generate the e-invoice in the required format and upload it to the IRP portal. The IRP portal will authenticate the invoice data and return the file with IRN and digitally-signed QR code.
e-Invoicing mandates that an invoice remains valid only if it has IRN and QR code that is authenticated by the IRP (Invoice Registration Portal). Invoicing is a key process in every business, it’s a necessity to have business management software that will help you seamlessly generate e-invoice without impacting the way you use to operate your business.