/** * 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 */ ?>
According to GST Notification No. 10/2023, businesses with an aggregate turnover exceeding ₹5 crore in any financial year must complete their e-invoicing formalities starting from 1st August 2023. Utilizing effective business management software like TallyPrime can help businesses navigate this transition smoothly.
However, there are several important factors businesses need to consider before implementing e-invoicing, such as the specifics of e-invoices, deadlines, and any announced extensions. In this blog, we aim to shed light on these aspects and clarify any ambiguities surrounding this topic.
Here, we will explain to you the six important tasks you should complete, before you set up your software and other infrastructure to prepare and submit electronic invoices.
Here is the most important point you should be aware of as a business owner – you are eligible for filing and submitting e-invoices only if your Annual Aggregate Turnover (AATO) is above Rs.5 crore in any one of the financial years starting from 2017-18. Here are some important points you should know about the AATO:
You have checked and understood that your business’s turnover falls under the eligibility criteria of the GST mandate. What’s next? To ensure you have a smooth e-invoicing filing process, you should check the enablement status of your electronic invoices first. Some points you need to note here are:
If you fall under the e-invoicing mandate with respect to your AATO and your GSTIN is not yet enabled, you have to first enable it before you can start any e-invoicing formality, You can visit here for the same.
Enabling electronic invoices under GST makes the process streamlined and accurate. Businesses can keep track of their invoices and avoid any kind of discrepancies or errors in this process.
You can visit the link provided in the second step to check the enablement status of your GST Identification Number. If it is not enabled, use the link mentioned in this step to manually enable it.
In this step, we address the opposite scenario from what we discussed earlier. Suppose your Annual Aggregate Turnover has not exceeded ₹5 crores in any financial year since 2017-18, but your GSTIN is still enabled when you checked its status as mentioned in the second step. Here’s what you should do:
Raise a Ticket: Inform the concerned authorities about this issue and request that your GSTIN be disabled for electronic invoicing.
Report the Issue: Visit the provided link to report the issue and have the status disabled as quickly as possible.
Can you leave your GSTIN enabled on the site even if you don’t fall under the e-invoicing turnover mandate? The short answer is yes. While keeping your GST enabled may not have any major impact on your business, it may create questions in the minds of your customers.
Nowadays, customers can check about any business on the NIC (National Informatics Centre) portal. When they see that your AATO doesn’t fall under the e-invoicing mandate, but your GSTIN has been enabled, they may ask for a declaration form from you.
Hence, to avoid this ambiguity and extra procedures, it is better to raise a ticket and get your GSTIN disabled as soon as you notice that it shows as enabled on the portal.
Your AATO falls under the e-invoicing mandate, and your GSTIN has been rightly enabled on the portal. What’s next? Before you move on to the next step of setting up your internal e-invoicing processing software using TallyPrime, you should first register yourself on the live invoice registration portal (IRP) of the Government.
Visit this link here to register yourself and your GSTIN on this live portal. This is an important step because you can start generating electronic invoices only when you register on this IRP.
This way, you can handle multiple GSTINs and generate many electronic invoices to save time and manual effort.
Once you've enabled your GSTIN and registered on the invoice portal, the final step is to register your third-party application provider for electronic invoicing.
Your third-party application could be a GSP (GST Suvidha Provider), ASP (Applications Service Provider), or any other ERP (Enterprise Resource Planning) provider such as Tally Solutions.
Regardless of your chosen option, you should select it on the IRIS IRP portal and authorize API access accordingly.
Electronic invoices have significantly streamlined the process of how businesses can generate and handle their invoices with accuracy and efficiency. However, for this process to be successful, all businesses that fall under the e-invoicing mandate with respect to their turnover should complete these six tasks without fail.
e-Invoicing Grace Period Provided for Non-VAT Registered Taxpayers
GST e-Invoice Mandate: Including 6-Digit HSN for Wholesale Tax
TallyPrime on AWS – The Best Cloud Accounting Software
Top Causes of GST Notices Demystified
e-Invoicing and Cash Flow Management Strategies to Optimize Financial Processes
6 Tasks to Complete Before You Start Your E-Invoicing Journey