The IRP will validate the data offered within the invoices and return the digitally signed e-invoices with a singular ‘Bill Reference Quantity (IRN)’ together with a QR Code to the taxpayer.

The federal government has made it obligatory for companies with over Rs 50 crore turnover to generate e-invoices for B2B transactions from April 1.

Below Items and Providers Tax (GST) regulation, e-invoicing for business-to-business (B2B) transactions has been made obligatory for corporations with turnover of over Rs 500 crore and Rs 100 crore from October 1, 2020, and January 1, 2021, respectively.

E-invoicing will likely be prolonged to corporations with turnover over Rs 50 crore from April 1, the Central Board of Oblique Taxes and Customs (CBIC) mentioned in a notification.

Below e-invoicing, taxpayers should generate invoices on their inside programs (ERP/accounting/billing software program) after which report them on-line to the Bill Registration Portal (IRP).

The IRP will validate the data offered within the invoices and return the digitally signed e-invoices with a singular ‘Bill Reference Quantity (IRN)’ together with a QR Code to the taxpayer.

EY Tax Accomplice Abhishek Jain mentioned e-invoicing has been made obligatory for companies for Rs 50 crore plus turnover from April 1, which showcases the proactiveness and the intent of the federal government to wider the online of digitisation.

“As restricted time is left, business gamers on this phase might want to proactively map out the IT and course of modifications and begin implementing the identical,” Jain added.

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