Businesses with a turnover of INR 10 Cr. and above are require to comply with E-invoicing effective 1st October 2022.
Electronic invoicing (also called e-invoicing) is a form of electronic billing. E-invoicing ‘E-invoicing’ of B2B invoices to GST System is a standardized invoicing procedure where e-invoices generated by one ERP can be read by another so that there is interoperability of data.
Things to know:-
- The e-invoice created by Taxpayers on there own ERP Systems will be reported on Invoice Reference Portals(IRP).
- IRP will generate a unique Invoice Reference Number(IRN) which will be attached on the e-invoice & system will digitally sign the same.
- IRP will also generate a QR Code containing the unique IRN with some important parameters of invoice