With so much of our business and operations impacted by COVID, it might not come as a surprise if you have missed the latest notification from the government. That is why we have written this article to not only drive your attention towards this new development but also to assure you that we are here for you.
The Government has recently reconfirmed the e-Invoicing deadline of 1st October, 2020. None of us can relax as the date is not far away. With barely 2 months left to prepare ourselves for it, the task might seem humungous.
What You Need To Know?
- Turnover above 500 cr: It is Mandatory for All businesses who had a turnover of above 500 crores in 2019-20 to issue e-Invoice wef 1 October, 2020. That is, Electronic data of invoice shall have to be transmitted to Government Portal. e-Invoicing can’t be overlooked or delayed by these companies.
- Turnover of 100-500 cr: These assessees also need to get ready as e-Invoice shall be made mandatory for them in the next phase.
- Exemptions: SEZs, Banks, Financial Institutions, NBFCS, Insurance Cos, Goods & Passenger Transport Agency, Multiplexes are at present exempt from this requirement.
Why e-Invoice Is Important?
- Invoices without an Invoice Reference Number (IRN), a unique number identifying the invoice, would not be considered as a legal document.
- Non-preparedness will result in Business Disruption for the Supplier on the d-day.
- Besides, consequences for the issuer,it will result in huge financial loss for the buyer as he will not be able to get input tax credit of invoices not issued as e-Invoices (where e-Invoice is mandatory).
What You Need To Follow?
- Format. The new directions mention that the format of the e-Invoices has to be JSON
- Data. All the necessary fields have to be filled properly.
- GSTIN. Validity of both Supplier and buyer GSTIN is crucial.
- Invoice. Validity of both the financial year, invoice number and whether it exists in the GST system also needs to be checked.
What We Can Do For You?
Time is short and a lot of activities have to be done to be ready well in time. Webtel has worked towards making these tasks easier and efficient for our clients. That is why we are offering you the best of the e-Invoicing solutions that takes care of all the hard part of the job.
- Webtel–A GSP, ASP shall fetch e-Invoice data from ERP & upload the same on Registration Portal.
- IRN obtained from IRP will automatically be saved to Client’s ERP for printing on Invoice.
We have the necessary expertise, experience and infrastructure for offering niche solutions to Corporates like you. We have already integrated E-way bill & other GST compliances for large corporates. We are also in the process of integrating e-Invoice solution with ERPs of many of our esteemed clients.
We have more in our arsenal and we would love to show and explain the convenience of our compliance solutions.
Although the mandatory deadline has been posted for companies more than 500 crores, the deadline sword is headed towards companies with 100 crores turnover too. So in short, all of us have to be ready for it.
With the deadline just weeks away, it is not yet too late to start the process. But any further delay will mean missing the bus.
So feel free to drop us a mail to email@example.com or click here to know more about e-Invoicing and how we can be of help to you.