E-Invoicing can be broadly referred to electronically generated bills exchange digitally with/without compliance component between defined platforms
The taxpayer can continue to issue invoices from their existing ERP Systems. However, details of such invoices are required to be uploaded onto the Invoice Registration portal, and a unique IRN or QR Code shall be generated. This needs to be printed on the tax invoices to make them valid documents under GST Law.
E-Invoice is a tool which integrates with your existing ERP System, and when activated, will create a bridge between the system and the Invoice Registration Portal, to automate the generation of the IRN (or QR Code). Also it intelligently integrate with E way bill portal and provides E way bill number as required.
Over the years, companies have been replacing paper invoices with electronic versions to improve agility and to gain better insights into their business. In recent years, however, tax authorities and governmental organizations in an increasing number of countries have begun enforcing the use of electronic invoicing (e-Invoicing) by law to combat fraud and save costs, meaning that for many global businesses, moving to e-Invoicing is no longer optional.
The GST Council has decided to introduce with centralized issuance of an unique number (Invoice Reference number) for each B2B invoice on reporting of invoice data to a central portal with effective (Mandate) date from 1 October 2020 for all Tax payers.
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