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Government made e-invoicing mandatory and how can you implement it for your business.

Last updated on July 2, 2021 Enterprise Solution

E-Invoicing

E-Invoicing is now Mandatory to any Company which has a revenue of 50 Cr per annum. Previously it was mandatory only for companies with annual revenue of 500 Cr. Companies above 500 Cr revenue can enable E-Invoicing through direct contact with the GST / Finance Ministry for API Integration. However, the same does not apply to companies below 500 Cr revenue per annum. Such companies must contact one of the 55+ GST Suvidha Providers or GSPs who in turn will give login credentials and facilitate the fundamental technical requirement for E-Invoicing implementation.

However, this is not sufficient as the APIs are not readily compatible with all ERP / Invoicing systems. Mahadhi Technologies Pvt Ltd has implemented E-Invoicing for such companies by being a bridge between the GSPs and the company to ensure a smooth transition to E-Invoicing and better technical integration (ERP / Invoicing Software with E-Invoicing system of Govt. of India.)

E-Invoicing Regulations

  • It is mandatory for any company doing business in India with an annual turnover of INR 50 Cr or more.
  • Companies with INR 500 Cr+ revenue can directly contact the E-Invoicing Dept of GSTN, but any company below this must go through GSPs or GST Suvidha Providers.
  • E-Invoice must contain IRN (Invoice Reference Number) generated by GST server based on the Invoice details provided.
  • E-Invoice Generation creates an acknowledgement number and an acknowledgement date.
  • Each E-Invoice has a Unique QR Code through which the end customer or anyone can verify the validity/authenticity of this E-Invoice.

Mandatory information required for generating an E-Invoice

  • GSTIN, Name, Address and Contact of seller and buyer
  • HSN code and applicable percentage of IGST/CGST/SGST
  • GST State codes of both buyer and seller
  • Trade name and Legal name of buyer as per their GST Certificate
  • Date of Invoice, Goods / Service details

What should an E-Invoice contain?

  • QR Code
  • IRN or Invoice Reference Number
  • Acknowledgement Number and Date
  • Invoice Details as submitted to the E-Invoicing Portal

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e-invoicing for your business?

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