How you are paid for the goods or services you have rendered is one of the most important components of running a business. Paper invoices are getting more and more antiquated and ineffective.
Electronic Invoicing (E-Invoicing), which is more precise and unquestionably the direction of the future, is the outcome of this digital era.
e-Invoicing, often known as ‘Electronic invoicing,’ is a system in which all B2B and B2G invoices are generated electronically and authenticated by the Invoice Registration Portal (IRP) of GST.
The GST Council has approved the phased implementation of e-invoicing for reporting business-to-business (B2B) invoices to the GST System. This will be implemented in accordance with turnover criteria.
Businesses with a turnover of more than | Date for Mandatory implementation of e-invoice |
500 Crores | 1st October 2020 |
100 Crores | 1st January 2021 |
50 Crores | 1st April 2021 |
20 Crores | 1st April 2022 |
10 Crores | 1st October 2022 |
The criteria for implementing e-Invoicing is the total turnover in the last 3 preceding financial years.
Why is adoption of e-invoicing a necessity?
- Real time tracking of invoices
- One time reporting of all B2B and B2G invoices
- Faster availability of genuine input tax credit
- Increase efficiency in tax administration by eliminating fake invoices
- Availability of QR Code for easy invoice generation
Despite the benefits and clarity, the rate of e-invoicing adoption in India has remained constant for years. Less than 40% of invoices qualify as true electronic documents, even among those adoptions. Therefore, the adoption of true e-Invoicing is still in its infancy.
Wondering how relevant is this for you as a finance and accounting enthusiast?
Nowadays, professional skills are just as important as traditional degrees. To compete and remain job-relevant in the ever-changing, turbulent market and industry conditions, acquiring the necessary skills has become critical. Professional courses and certificates are now advocated by industries since they provide learners with skills that make real-time job more difficult to accomplish. These professional courses give accredited applicants with a variety of industrial possibilities from which to launch their careers.
How Tally Education helps you to understand e-Invoicing?
Tally Education has taken every step towards skilling and upskilling the learners and enabling them to confidently take up desired job opportunities.
For a smooth career in Commerce or Finance industry, these Certifications will undoubtedly improve your learning and employability and help you become adept in the field of computerized accounting and excel at working with Tally.
TallyEssential and TallyProfessional are the on-demand Certification courses that explains the concepts ranging from fundamental to advanced financial accounting. This will guide you how to perform basic to intermediate accounting, inventory, and basic taxation (GST, TDS), as well as how to simplify company books of accounts, to name a few.
The recent changes to the e-Invoicing rules have been duly incorporated into the curriculum to provide comprehensive concept clarity and guidance with the practical implications of the same.
If you want to pursue a bright career as an accountant or become a GST practitioner, this course will help you navigate through.
Tally Education strives to positively impact the lives of “Learners” by increasing employability and accelerating professional careers.