Raju Shahi
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Have you been lately hearing a lot about ‘E-invoicing’ or ‘electronic invoicing’ which is keeping you worried all day and night as how it will impact your business?
Know more about GST E-Invoice Here
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Raju Shahi
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Are you ready for e-Invoicing?eInvoicing is going to be mandatory for Indian companies with turnover of more than 100 crores from January 2021.
Learn how to get ready for e-Invoicing.https://www.forceintellect.com/2020/11/17/gst-e-invoicing-erp/
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In E-Invoicing, invoices are generated in a structured electronic format, such as XML or JSON, and are transmitted electronically between the seller and the buyer. Real-time Tracking of Invoices: With E-Invoicing, businesses can track the status and progress of their invoices in real-time. Easy Tax Return Process: E-Invoicing simplifies the tax return process by automatically populating the invoice details onto tax return forms and E-Way Bills. Cost ImplicationsImplementing e-invoicing systems and integrating them with existing financial infrastructure can require a significant upfront investment. Reduced Environmental ImpactBy eliminating paper invoices, e-invoicing contributes to a more sustainable and eco-friendly environment.
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Currently, companies having yearly revenue of more than Rs 20 crore are required to use GST e-invoices. From April 1, 2021, businesses having a turnover of more than Rs 50 crore were required to generate e-invoices. 20 crore are using GST e-invoicing in India. The following business processes will be impacted by the creation of e-invoices: 1. Therefore, companies will need to take the following actions to ensure a smooth transition to e-invoicing in India: · Choosing the Most Effective ERP IntegrationAPI-based and SFTP-based interfaces are the most frequent for e-invoice generation.
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