With the latest amendment from the Central Board of Indirect Taxes and Customs (CBIC), businesses with an annual turnover exceeding Rs 5 crore would be required to generate e-invoices for all B2B transactions. As per the recent mandate, from 1st August 2023, e-invoicing will become mandatory for all registered persons whose aggregate turnover in any prior financial year from 2017-18 onwards exceeds 5 crores. Till now, businesses with a Rs 10 crore and above turnover are required to generate e-invoices for all B2B transactions.
Electronic invoices or e-invoices refer to the concept wherein all B2B invoices are electronically uploaded by the supplier and authenticated by the IRP with an IRN and QR code that should be printed on the invoice before issuing it to the buyer.
With the implementation date soon approaching, it has become critical for businesses to have the right software to get started with e-invoicing. In such a situation, directly integrating connected software with the e-invoice portal can instantly generate e-invoices. TallyPrime, a comprehensive business management software, takes care of all aspects of e-invoicing, from instant invoice generation to tracking and management.
Being a robust software, TallyPrime directly integrates with the portal, uploads the invoice, gets it authenticated and receives the IRN and QR code, and automatically prints it in the invoice so that you don’t need to put in that extra effort. Get a 7-day free trial of TallyPrime and experience seamless e-invoicing
TallyPrime's e-Invoicing features
Instantly create e-invoices: With TallyPrime, you can automatically generate IRN and QR code on the invoices, all of this while recording transactions, or you can generate it later from an e-invoicing report with a click of a button.
Direct IRP integration: TallyPrime's e-invoicing solution is designed to directly interact with the e-invoicing portal, which makes it a faster, more reliable, and fully connected way to generate e-invoices instantly.
Bulk invoicing: As a business, you might require generating single invoices or bulk. Being comprehensive software, TallyPrime allows you to seamlessly generate e-invoices during voucher entry for a transaction or in bulk for multiple invoices together in a single click.
Get an overview of e-invoices: With TallyPrime, you get access to e-invoice reports that give you an overview of all your e-invoicing tasks, such as completed, pending, rejected etc.
Supports offline export: With TallyPrime's connected services, you can easily export data required for e-invoicing offline in JSON or Excel format in case of network connectivity issues.
Create e-way bills: TallyPrime comes with an option where you can generate e-way bills and e-invoices together. Additionally, TallyPrime comes with an option to extend, cancel, and update e-way bill details online.
Manage IRN seamlessly: Being a flexible solution, TallyPrime automatically generates and manages e-invoices, fetch IRN details, and print QR code on the invoices without any manual intervention so that your books are updated.
Useful alerts: The alert mechanism of TallyPrime helps you identify any anomalies or accidental modifications in a multi-user environment.
GST return filing: With TallyPrime's prevention, correction, and detection mechanism, you can ensure accurate GST returns. All returns are auto-filled, and you can directly generate a JSON file and upload it to the portal
Online access to reports: Get access to a wide range of insightful business reports and access them from a mobile or any device, anywhere
Get a 7-day free trial of TallyPrime and experience seamless e-invoicing.
How to try e-invoicing software for free?
To help you evaluate how e-invoicing software can benefit your business, TallyPrime comes with a 7-day free trial that helps you experience the product. Here's how to avail the free trial:
- Download Tally from this link
- You will get a mail intimation from Tally with the serial number and activation key that is valid for 7 days
- Once the installation is complete, click on Activate License and mention the Serial Number, Activation Key, and other details to start your free trial.
Benefits of having e-invoicing software
- Being a digital process, you can generate an e-invoice instantly and avoid switching between multiple platforms and tools.
- Since no manual interventions exist, e-invoicing software ensures better accuracy and reduces human errors.
- Alongside helping you stay compliant with the e-invoicing norms, it also assists you in filing accurate returns and keeping your books in sync, tracking records in a more integrated manner, and much more.
- With e-invoicing, keeping track of your invoices is easy, providing more control over your invoicing process.
Bottomline
With the latest announcement from CBIC, businesses with an annual turnover exceeding Rs 5 crore and above would be required to generate e-invoices. Additionally, with the implementation date soon approaching, it is important for businesses to have a comprehensive e-invoicing solution like TallyPrime for a smooth and seamless transition.
Video Guide:
Know more about e-invoices in GST
