Innovative way of Invoicing
The GST Council had approved B2B E-invoicing in a phased manner from Jan 2020. As per their latest notification, the limit is reduced to Rs.10Cr w.e.f 01/10/2022 (i.e) for any registered Business with aggregate turnover exceeding Rs.10 Crores in any FY 2017-18 onwards has to issue E-invoice from 1st October 2022.
It is a process where one company can send information to another electronically rather than with paper. More importantly, this information can be used by the receiving company to save time and effort on re-entry of this information into its own systems. Eg. A Sales Invoice with 100’s of items needs to be re-entered by the buyer into their own software as a Purchase Bill. The GSTN has created a standard structure, where the E-invoices created by one software can be read by another software , eliminating re-entry of data.
E-invoicing in Tally
For businesses to have a smooth transition to the e-invoicing system, it is extremely imperative that your business management software is integrated with the IRP portal. As you may be aware, Tally is a recognized GSP (GST Suvidha Provider) which ensures TallyPrime directly integrates with the IRP portal to generate e-invoices seamlessly. Some useful e-invoicing feature of Tally Prime are