E-invoicing is a modern and efficient way of generating invoices electronically. With the introduction of the Goods and Services Tax (GST) in India, the government has made e-invoicing mandatory for businesses with a turnover of more than Rs. 500 crores from October 2020, and from January 2021 for businesses with a turnover of more than Rs. 100 crore.
E-invoicing under GST is a process where an invoice is generated in a standard format, and the data is uploaded to the GST portal for verification and validation. The system generates a unique Invoice Reference Number (IRN) and a QR code for the invoice. The IRN is a unique number that is assigned to each invoice, and it is used to track the invoice throughout its lifecycle.
E-invoicing under GST has several advantages. First and foremost, it eliminates the need for manual data entry and reduces the possibility of errors. Secondly, it ensures the authenticity and integrity of the invoice data, as the data is validated by the GST portal. Thirdly, it simplifies the process of tax compliance, as the invoice data is automatically populated in the GST returns.
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