Non-compliance with e-invoicing is no more an option for taxpayers who are covered under the e-invoicing mandate. The CGST Rule 48 lays down the foundation of e-invoicing rules. The penalties could be encumbering for cashflows as well as the reputation of a business. Failure to comply with the rules of e-invoicing under GST can lead to serious consequences and penalties for a business.
The beginning of the financial year of 2022-23 witnessed a new mandate for e-invoicing. Every business with a turnover of over 10 crores is required to register all of its B2B and export invoices with the Invoice Registration Portal (IRP). With this new mandate, the total number of businesses raising e-invoices will cross 4 lacs. Starting October 2022, GST Notification No. 17/2022 extended its applicability to businesses turning over 10 crores in revenue and soon taxpayers with an AATO of Rs. 5 Cr. will also be covered.
There are several reasons why an invoice is considered invalid. Some of them are listed below:
For the above cases, taxpayers will not be able to generate IRN. If the invoice is incorrect in one of the above-stated ways and is used regardless for the transportation of goods OR for e-way bill generation then it is an offence. It may lead to major consequences and penalties.
For a business that earns over 10 crores a year, maintaining all the invoices, registering them on the IRP, and linking them with e-way billing can be excruciating to get done manually. So, it is recommended to adopt a smart e-invoicing solution that is scalable and fast.
Non-compliance with e-invoicing can be avoided by ensuring the formats are up-to-date and there are pre-built validations as well, in the process.
******
If you are a small business owner (MSME/SME): IRIS IRP helps you to jumpstart your e-invoicing using the offline excel utility tool i.e. MS Excel interface. You can send Invoice Data to IRP in bulk and generate e-invoices real-time! Also, get to generate e-invoices and e-way bills on a single platform.
If you are a large business owner: IRIS GST E-invoicing is the best option for you - It is the fastest and easiest way to generate e-invoice. There are multiple options to generate IRN via IRIS E-invoicing. You can use APIs, and get a bulk upload facility or you can even go with SFTP or manual upload of invoices.
If you are a solution provider yourself: IRIS IRP calls all ERP providers and system integrators to design a seamless user journey for your customers using IRIS IRP to build a robust and error-proof e-invoice compliance. We offer Core and Enhanced APIs for e-invoice generation.
IRIS IRP is the Govt. authorized Invoice Registration Portal (IRP) for businesses like yours to prepare e-invoices. Schedule a free call with us and start generating IRN promptly