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News
e-invoicing
E-invoicing News
e-invoicing
09 Mar 2021
Now e-invoice will be compulsory for business with over Rs 50 crore turnover
E-invoicing will be extended to companies with turnover over Rs 50 crore from April 1, the Central Board of Indirect Taxes and Customs (CBIC) said in a notification. Under e-invoicing, taxpayers have to generate invoices on their internal systems (ERP/accounting/billing software) and then report them online to the Invoice Registration Portal (IRP). The IRP will validate the information provided in the invoices and return the digitally signed e-invoices with a unique 'Invoice Reference Number (IRN)' along with a QR Code to the taxpayer.
Goods and Services Tax (GST)
26 Sep 2020
GST e-invoicing mandatory for B2B transactions from October
The initial date for its rollout was April 1, 2020, but the Centre notified October 1, 2020, as the revised date for the implementation of e-invoicing. As per the website of the Good and Service Network `e-invoicing` has many advantages for businesses such as standardisation, interoperability, auto-population of invoice details into GST return and other forms (like e-way bill), reduction in processing costs, reduction in disputes, improvement in payment cycles and thereby improving overall business efficiency.
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