Attention: E-Invoicing Mandatory From October 2020

NOIDA, India - Sept. 29, 2020 - PRLog -- India, 30 September 2020

Under the GST regime, the concept of e-Invoicing will be mandatorily applicable from 1 October 2020. As of now, businesses/taxpayers issuing B2B invoices, having turnover more than INR 500 crores in a financial year will have to implement the new invoicing system.

Under this system, the taxpayers will continue to generate documents/invoices on their own accounting or billing system as per the notified e-Invoice schema. The prepared invoice has to be reported to the government portal (Invoice Registration Portal - IRP) in JSON format.

The IRP will validate the details in the reported invoice and generate a unique Invoice Reference Number (IRN). It will digitally sign the e-Invoice, generate a QR code and send back the signed e-Invoice in JSON format to the taxpayer digitally.

This QR code will contain vital parameters of the e-Invoice, and an offline App can verify it. The QR code generated by the IRP has to be printed on the invoice copy shared with the buyer.

Taxpayers can register their invoices on the IRP through an offline tool or APIs or GSPs like Masters India.

With the e-Invoicing system, the Government aims to enable a standardised protocol to generate and read electronic invoices. The purpose is to standardise the format in which electronic data of an Invoice is shared and to ensure that there is interoperability of the data.

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Masters India is a GST Suvidha Provider (GSP) appointed by the Goods and Services Tax Network (GSTN), a Government of India enterprise. We offer tax and financial automation products to enterprises. Know more about us here: https://www.mastersindia.co/

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