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Why is E-Invoicing So Popular Today & How Can It Help Your Business?

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  E-invoicing represents both the present and the future of invoicing. There are several advantages to e-invoicing over emailing PDFs or traditional paper invoices. Although there are certain restrictions to e-invoicing, e-invoicing has many more positives than negatives.   While e-Invoicing is not a new technology, its importance has increased significantly over the past few years. The pandemic acted as the fuel for some procurement companies to embrace touch-free technologies like E-Invoicing Software and grow up digitally overnight for a variety of reasons.   E-invoicing: What is it? E-invoicing, or electronic invoicing, is the exchange of invoice documents in an integrated electronic format between a supplier and a customer. With data being read and sent directly from the supplier into the buyer's ERP system regardless of the format of the invoice, it entirely automates the process of invoice capture. On a single cloud-based platform, both vendors and customers may h
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Everything You Need to Know About Invoice Reference Number (IRN)

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E-invoicing is a cutting-edge technique in which invoices are created in an electronic format. To enable electronic invoicing, the GST Council established electronic invoicing. Now, invoices issued after verification through the invoice registration portal (IRP) are identified by their unique Invoice Reference Number (IRN) . After invoice confirmation, IRP labels the electronic invoice, generates a QR code, and sends it to the vendor. These features improve the invoice's distinct identification. Tax authorities can discover these invoices using this information even if they are offline.     What Is an Invoice Reference Number (IRN)? Let's begin by defining an invoice reference number (IRN). IRNs are defined as distinct numbers in the new e-invoicing system that are generated for invoices by (invoice registration portal). The method will also make sure that the vendor will not submit the same invoice more than once throughout the course of the year. Invoices issued under
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All About Mandatory GST E-Invoicing in India from 1 October for Businesses

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  In an effort to further plug income leaks and ensure improved tax compliance from corporations, the Central Board of Direct taxes (CBDT) has made E-Invoicing in India compulsory for businesses with annual revenues surpassing Rs 10 crore from October 1 . According to the centre, the norm regarding council suggestions has been changed. Currently, companies having yearly revenue of more than Rs 20 crore are required to use GST e-invoices.   Beginning on October 1, 2020 , businesses with a turnover of more than Rs 500 crore were included in the scope of e-invoicing in India for business-to-business (B2B) transactions. Businesses in the second phase were required to start issuing e-invoices from January 1, 2021 , if their annual revenue exceeded Rs 100 crore . From April 1, 2021 , businesses having a turnover of more than Rs 50 crore were required to generate e-invoices. With effect from April 1, 2022 , enterprises with annual revenues above Rs. 20 crore are using GST e-invoicin
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5 Real-World Benefits of E-Invoicing in India for Businesses | Online IRN

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  B2B invoices are digitally submitted to a system where they are verified by the GSTN (Goods and Services Tax Network) using a procedure known as electronic invoicing, or E-Invoicing in India . The goal of the implementation of e-invoicing is to ensure that all Indian businesses across various industries utilize a standard format, making compatibility easier. An IRN or Invoice Reference Number is generated for each and every e-invoice that is generated.   First, starting on October 1, 2020, companies having a revenue of at least 500 crores rupees were required to use invoices. Second, starting on the first of January 2021, e-invoicing in India was made available to companies having a revenue of at least 100 crores rupees. E-invoicing in India was made available to companies having a revenue of at least rupees 50 crores started on April 1st 2021, as part of the third phase. As of 1 April 2022, it is applicable to companies with a turnover of more than 20 crores.     Benefits
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