E-Invoice System

What is E-Invoice– E-Invoicing means reporting documents and details on government portal (IRP- Invoice Registration Portal) then obtaining Invoice Reference Number (IRN) and QR Code. It doesn’t mean generation of invoice by portal but reporting of invoice on government portal which is generated from any Accounting/Billing/ ERP Software.  

Applicability: – Taxpayers whose aggregate turnover in any preceding financial year exceeds 100 cr. (amended from 500 cr.) will have to report invoice and documents on IRP from 1st January, 2021.

Which documents needs to upload: – GST invoices (B2B supply, SEZ’s supply, Export), Credit Notes and Debit Notes

Procedure:-

  • Generation of Invoice from own Accounting/ERP/Billing software in ‘e-invoice schema’  (standardized format)
  • Digitally signing invoice
  • Report on IRP
  • Get JSON copy of Invoice with IRN and QR code
  • Convert Invoice into PDF Format
  • Issue invoice to receiver of invoice

Advantages of e-invoice:-

  1. Standardization
  2. Auto-population of invoice details in GST returns
  3. Reduction in disputes
  4. Accuracy in reconciliation
  5. Improve efficiency

Role of TallyPrime:-TallyPrime team is working in full swing to develop e-invoice solution that will enable user to seamlessly connect with e-invoice portal and generate e-invoice within TallyPrime as per e-invoice schema of IRP.

Role of CBD IT Solutions Pvt Ltd :-

  • We are pioneer partner introducing DSC(Digital signature certificate) in Tally
  • We are ready with DSC solution
  • We will provide e-invoice in TallyPrime as released before 1st January 2021

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