E-Invoice is the swaping of invoice document between a buyer and a supplier in a unified electronic format. The whole process starting from the issuer creates until the recipient process is digitally integrated. The e-Invoicing is mandatory for all businessmen whose business turnover exceeds 100 crores in the previous financial year.
E-invoice is an electric invoice through which a supplier has obtained an Invoice Reference Number (IRN) and Quick Reference (QR) code by uploading specified particulars on the government authorised Invoice Registration Portal (IRP).
An invoice without an IRN will not be treated as a ‘valid’ invoice for the purpose of GST law.There fore, non-adherence will tantamount to non-compliance. The transportation of goods from one place to another is facilitated by the filing of ‘E-Way Bills’ on the common GST portal. Similarly, the GST Council, in its 35th meeting, has decided to implement a system of e-Invoicing, which will be applicable to specified categories of persons. E-Invoicing involves the submission of an already generated standard invoice on a common e-invoice portal. Thus it automates multi-purpose reporting with a one-time input of invoice details. The CBIC notified a set of common portals for the preparation of e-invoices via Notification No.69/2019 - Central Tax.
e-Invoicing has been made applicable from 1st October 2020 to all businesses whose aggregate turnover has exceeded Rs.500 crore limit in any of the preceding financial years from 2017-18 to 2019-20. Notification No.61/2020 - Central Tax prescribed the turnover limit for the implementation of e-Invoicing from 1st October 2020. Notification No.71/2020 - Central Tax prescribes the time period considered for determining eligibility under e-Invoicing. Further, from 1st January 2021, e-Invoicing will be applicable to businesses exceeding the Rs.100 crore turnover limit in any of the financial years between 2017-18 to 2019-20, as intimated in Notification No.88/2020 - Central Tax.
A: No, invoices must be uploaded one at a time into the IRP. The ERP of a company will need to be designed so that it can place the request for the upload of individual invoices.
A: No, invoices will continue to be generated on the individual ERP softwares that are currently in use by businesses. The invoice must adhere to the e-Invoicing standard format and include the mandatory parameters. The direct generation of invoices on a common portal is not being planned at the moment.
In Retailb E-invoice you can create a professional invoice with in seconds with the help of an integrated software designed which helps users to manage their business instantly. Integrated billing software of Retailb allows sales staff to easily manage complex sales order processes, while automatic credit checks and approval workflows streamline credit control.