E-invoicing
The e-invoicing system in India is an electronic invoicing mechanism designed to generate invoices for transactions conducted by businesses under the Goods and Services Tax (GST) regime.
To Visit https://www.gst.gov.in/
The primary objective of the e-invoicing system is to reduce errors, minimize tax evasion, and simplify the tax filing process. The process involves generating invoices in a standardized format by the businesses, which then upload to a central portal for authentication and validation. Upon authentication, the invoice is assigned a unique Invoice Reference Number (IRN) and a Quick Response (QR) code, which can use by the recipient to access the invoice details. This system is mandatory for businesses with a turnover of Rs. 50 crore (Rs. 5 Crore from 1st May 2023) or more in any financial year and has implemented in phases since 2020.
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