E-Invoicing is the hottest topic of discussion in the Indian Industry circles since it was announced by the Govt in 2019. It has implications for the entire company right from sales and purchase to logistics and tax compliance. But the biggest impact is on the IT systems of the company because of the real-time nature of e-invoicing.
E-invoicing mandates that a company must register each B2B invoice on a Govt Invoice Registration Portal (IRP). The IRP will return a hash based IRN (Invoice Registration Number) along with a QR code, signed digitally. In the background, the information will be used to populate the supplier and buyer tax returns fields making it simpler for companies to reconcile their transactions to claim the input tax credits (ITC).
On 7th Jan, the Govt. released the APIs required for voluntary testing. E-invoicing will become mandatory from 1st April 2020 for all companies with a turnover greater than 1 billion rupees. E-invoicing is forcing companies to automate their tax compliance activities to make it real time and with the short deadline, the pressure is high. Along with E-invoicing the govt is also planning to release a simplified version of the tax returns which will be pre-populated, and which will also require buyers to take action on each and every invoice to claim their ITC.
Key Highlights of the Webinar
With this objective in mind, TPA Global along with Cygnet Infotech invite you to an informative webinar where we will discuss the following:
• What is E-invoicing and how does it work
• Key approaches to prepare for E-invoicing wrt IT systems integration
• Overview and Demo of the Cygnet’s E-invoicing Solution
• Implications on Returns, E-way Bills and Compliance