/** * The main template file * * This is the most generic template file in a WordPress theme * and one of the two required files for a theme (the other being style.css). * It is used to display a page when nothing more specific matches a query. * E.g., it puts together the home page when no home.php file exists. * * @link https://developer.wordpress.org/themes/basics/template-hierarchy/ * * @package WordPress * @subpackage Tally * @since 1.0.0 */ ?>
Invoicing being a key function of every business and e-invoicing is a norm related to it, it is super critical for businesses to understand the concept of e-invoicing and the preparedness that allow you to adapt to the new system of issuing of invoices.
e-invoicing is a process through which business to business (B2B) transactions are authenticated with a unique number known as IRN and QR code by the invoice registration portal (IRP). Read What is e-Invoice in GST? to know more.
In the e-invoice system, as a supplier, the moment you create an invoice for your customer, it should be uploaded to IRP where the validation will be done, and IRN along with the QR code will be issued. Next, you need to print the invoice with QR code before issuing it to your buyer.
There is a drastic change if you compare the new norm with the current practice which doesn’t require you to authenticate the invoice. In current practice, as a supplier, you print the invoices, issue it to the buyer and then periodically report the details in GSTR 1. Post that, the buyer gets the visibility of invoices in GSTR -2A.
The other mandate that comes with e-invoicing is that an invoice is valid only if the invoice is authenticated by IRP and the QR code (which is embedded with an IRN) is printed on the invoice. In another way, any invoice without QR code that is authenticated by IRP will remain invalid. This implies that the buyer will be eligible for input tax credit only on the invoices that are authenticated by the IRP portal.
The new mandate requires you to upload the e-invoice details in prescribed format (JSON) to IRP. Next, download the output file (JSON) that is authenticated by IRP with IRN and QR code. Later, you need to print QR code and IRN on the invoices before issuing it to the buyer.
As a result, the current practice of invoicing will change. First, businesses need to make a provision for real-time upload of invoice data and printing of QR code. This will emphasize the necessity of businesses to have a right technology which assists in real-time and instant generation of e-invoices without need to change the invoicing process.
Secondly, the business behaviour is expected to change where the buyer will drive the supplier to upload the invoices to the government system to confirm his eligible ITC. Therefore, it is evident that buyers will appreciate doing business with the suppliers who recognise the importance of quick and accurate upload of invoices.
Businesses who are using software that directly integrates with the IRP portal will find it easy to manage the e-invoicing requirements. Because the direct integration helps you automatically upload the e-invoice data to the portal and instantly print the QR code into the invoices. This way, you can continue the invoicing process as always without the need to change.
Know more about e-Invoices in GST
e-Invoice in GST, How to Generate e-Invoice in GST, How to Transit to E-Invoice System, Invoice Reference Number (IRN), Who Should Issue an E-Invoice in GST, Working of E-Invoice System, Date of implementing e-invoicing in GST, Generate e-Invoice Instantly in TallyPrime, How to Generate Bulk e-Invoice in TallyPrime
Best Practices to Evaluate, Purchase and Implement Business Accounting Software