For taxpayers with AATO higher than or equal to 100 crores, the Government has decided to impose a time limit on submitting old invoices on the e-invoice IRP portals.
what e-invoices are, how recipients receive e-invoices, the benefits of receiving e-invoices, tips for effectively managing them, IRPs, ERP system, the verification process
It is now mandatory for taxpayers to report a minimum of 6-digit valid HSN code for their outward supplies having AATO of more than 5 crores in any previous financial year.
After lowering the e-invoicing threshold for companies with AATO above Rs. 10cr, the government has now enabled the voluntary enablement e-invoicing for FY 2022-23.
The E-invoice System will not accept the 4-digit HSN codes within a few weeks. The date for blocking e-Invoice generation having HSN code as 4-digits will be intimated shortly on the portal.
GSTN has begun offering e-invoice registration services through a number of private IRPs as another move towards further digitizing the business process flow.
GSTN recently has onboarded four new IRPs (Invoice Reporting Portals) for reporting e-invoices in addition to NIC-IRP. IRIS is one of the first four chosen IRPs and will be available to generate IRNs via einvoice6.gst.gov.in.
IRIS had the privilege of being one of the sponsors of the Bharat Fintech Summit 2023, a premier event in the financial technology industry. The event provided an opportunity to learn from industry leaders about the latest trends in fintech.