E-invoicing in digital era – enabling seamless transactions

Dear Valued Stakeholder,

As the Goods and Services Tax (GST) enters its 4^th year of implementation, the e-invoicing process is set to significantly change the way business is done in India.

The key objective of the new e-invoicing system is to bring standardisation, uniformity and interoperability across the entire GST eco-system, i.e., an e-invoice generated by one software should be capable of being processed on other platforms as well.

The government is set to launch the new e-invoicing system by 1 October 2020. Businesses with turnover above INR 500 crore, therefore, should immediately and holistically review the existing technological readiness of all the functions. Businesses with turnover between INR 100-500 crore should also start planning for e-invoicing as this change will be made subsequently.

Here is how businesses can benefit from Grant Thornton’s unique tool, GTaxPro, which can help companies comply with the new GST law

• Save time: With e-invoicing, many unnecessary steps are cut out of the invoicing process, such as removing multiple errors, generating multiple IRN invoices in one go, download excel of invoices to work offline etc.
• Reduce costs: With paperless invoicing, user can generate digital e-invoice
• Reduce errors: By minimising manual input and increasing automation
• Improve invoice tracking: User gets a notification when an IRN is generated or cancelled by receiving relevant notifications

and more…