The E-invoicing portal has witnessed some progressive changes which will change the course of how businesses deal with invoices. The Central Board of Indirect Taxes and Customs (CBIC) informed on December 13, 2019, that the E-invoicing would be executed from April 1, 2020, for the citizens whose turnover is more than Rs 100 crore. The CBIC, alongside Goods and Services Tax Network (GSTN) has been working ceaselessly towards the execution of E-invoicing, and new GST gets back from even prior to giving the notification.
In spite of the pandemic circumstance, during July 2020 an engaged board of the GST Council prescribed barring substances with turnover up to Rs 500 crore from compulsory E-invoicing which is expected to improve bill consistency. Additionally, the board suggested that the CBIC can reveal the E-invoicing from October 1 2020, with a predetermined higher edge limit.
In addition to this, if you want to be E-invoicing a complaint, you will have to abide by the format of the template of e-invoice shared by the government, thus making sure that your online accounting software follows that pattern.
In this blog, we’ll see the possible changes in ERP in E-invoicing.
1.Track of Canceled E-invoices
If there should be an occurrence of a citizen dropping an e-invoice it is significant for the ERP software that a similar invoice number isn’t doled out to any new invoice.
As following 24 hours, the e-invoice can’t be dropped legitimately from IRP, ERP ought to divert the citizen to the GST Portal on the off chance that on the off chance that he/she needs to alter the subtleties of the invoice following 24 hours yet before GST bring documenting back.
2. Legitimate Validation
There have been examples where the records are not appropriately pulled by the ERP prior to producing an e-invoice. Subsequently, it is significant for the ERP to double approve the records so to guarantee that all the exchange needed to produce IRN has been incorporated from all records and vouchers.
3. Template Approval
GST Council has affirmed the E-invoicing format and the system. GSTN has delivered the settled form of E-invoicing template as a declaration on the entry. So, your free Invoice & Billing Software for Mac needs to comply with the templates ordered by the government of India.
Lately, cloud-based ERP/accounting software has gotten incredibly famous. One of only a handful of drawbacks of utilizing a cloud-based framework for your business, however, is that your data will be put away by a specialist co-op. So you have to practice alert while picking your ERP/accounting software. Altogether audit the security procedures and the information guidelines followed by your product specialist co-op. Your online billing and invoicing software ought to likewise give security highlights like multifaceted confirmation, client controls that permit you to practice sensible safeguards while transferring data on the cloud, and fitting notices about dangers from phishing and malware.
4. E-invoice Sharing Automated
Subsequent to creating IRN and marked QR code for the invoice produced, the ERP software ought to have the option to auto-offer such an invoice with the beneficiary. This will help the gatherings associated with asserting precise information tax break (ITC) and document GST return. This is the future guide of NIC that will be covered under the Standard Invoice Messaging Protocol (SIMPOL).
5. Managing invoices Better
Your ERP/accounting software ought to permit you to interface the IRP-approved invoices to your records payable and records receivable modules. This will assist you with making your installments on schedule. In the event that you are attempting to guarantee Input Tax Credit (ITC) on invoices, you should make the installments inside 180 days after the date of invoice age. You’ll require your approaching income to remain sound in the event that you need to keep up on your installments, so your framework ought to likewise assist you with following due installments so you can send installment suggestions to your borrowers.
In the event that you wish to alter, clone, or drop an invoice that has just been produced and approved by the IRP, you should do it inside 24 hours of transferring the invoice. Past this, your framework ought to divert you to the GST entry for abrogation.
If there should arise an occurrence of dropped invoices, your ERP software must dole out a remarkable number to that dropped invoice archive so it isn’t utilized somewhere else once more. It should likewise offer an idiot proof framework to follow dropped e-invoices and e-way bills.
Advantages of E-invoicing
Embracing e-invoicing will assist you with catching the entirety of your invoice data on the web, in a sheltered and secure way. It won’t just assist your relationship with your partners, yet will likewise smooth out the invoicing cycle for your business. For instance, an invoice created by the dealer can be shipped off the purchaser as a draft and the merchant can endorse or dismiss it. Since e-invoicing permits the interoperability of information over all frameworks, a similar invoice will be utilized by dealer and purchaser and put away in the GST framework.
Moreover, there are a couple of key advantages to embracing e-invoicing for your business, as:
- It will accelerate the preparation season of invoices
- It assists with information accuracy during data entry
- It permits the interoperability of data overall organizations
- It’s simpler to follow invoices continuously
- It helps in recognizing counterfeit invoices
How Moon Invoice Can Help You in E-Invoicing?
One of the biggest and foremost things the business needs to look out for is the fact that the online accounting software you choose for managing your invoices is following the above E-invoicing standards and has all the necessary features to keep your business rolling. So, why wait? Check out Moon Invoice and see how it can help you with your invoicing needs.