Electronic Invoicing, Are 5 Crore Companies Ready?

In E Invoicing by Anandkumar S Nair


Some readers may be wondering about the caption of this article – as e-Invoicing does not apply for companies with Gross Annual Turnover (GTO) less than Rs 10 Crore!

Read on, and I will explain why your company too needs to plan in advance for this transition. And why, now is the good time to start!

From 01 Oct 2020, Government of India had made e-Invoicing for B2B sales mandatory for companies with GTO greater than Rs 500 crore. After this, this cut-off threshold was lowered in stages – to Rs 100 crore, Rs 50 crore, Rs 20 crore and now with effect from 01 Oct 2022, to Rs 10 crore.

What is more, the government is all set to make e-Invoicing mandatory for companies with GTO greater than Rs 5 crore, mostly with effect from 01 Jan 2023. Are you ready for this transition from PDF Invoices to Electronic Invoices? What can you do now?

The Government has already published “Sandbox APIs” that can be accessed by companies with GTO greater than Rs 5 crore. This is the facility where can you “rehearse” the correct submission of e-Invoices, well before you would mandatorily need to do this for all B2B sales transactions!

Rehearse e-Invoicing for FREE!

Fortunately, at the online platform provided by Innoval Digital Solutions Pvt Ltd, you can freely rehearse submission of e-Invoices to the Government’s Sandbox APIs.

To avail the above facility, you would need to first to “enable” each of your GSTINs at the Government Portal, and get “on-boarded” for submitting sample e-Invoices for testing your readiness. Innoval’s Portal, OptiE-Invoice Lite would hand-hold you with step by step instructions on how to on-board at the Govt Portal.

Start Submitting Test e-Invoices as PDF Files!

If you already generate normal invoices as PDF files, then you are ready!

OptiE-Invoice Lite can convert the invoice details within PDF files to the specified JSON format and get these “signed” by the Government using the Sandbox APIs.

On successful “registration” of your invoice, the Invoice Registration Portal (IRP) assigns a QR Code, Invoice Registration Number (IRN) and a “signature” confirmation in JSON format. OptiE-Invoice Lite reads the QR Code and IRN from this JSON format and embeds these at the top of your own PDF Invoice. What is more, your PDF invoice, now with QR Code and IRN printed on it, can be downloaded by you.

OptiE-Invoice can also accept Invoice details in Excel format, and offer the same functionality as above. In this case, we generate the PDF Invoices with standard layout and your company logo, and with QR Code and IRN printed on this. This would be convenient, in case your ERP or Accounting System has the facility to download Invoice details in Excel format.

Submitting Real Invoices to IRP

Yes, whenever the government makes e-Invoicing mandatory for your company, all that you need to do is to pay the annual subscription at the OptiE-Invoice Portal (starting as low as Rs 3000/- per annum for the Basic Plan).

OptiE-Invoice will transparently transit to submission of your Invoice details through the Production APIs as provided by the IRP. What is more, OptiE-Invoice can automatically email your PDF Invoices with QR Code and IRN to the Buyers. (You can switch this feature off, if you prefer to manually send Invoices to Buyers).

Avail FREE On-boarding and Access to Sandbox Testing! Register NOW!

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About the Author

Anandkumar S Nair

Advisory Consultant (Digital Products & Services). Anand S Nair comes with extensive hands-on experience in the software industry. He has proven track record in SAP & Non-SAP platforms. He has gained technology expertise with Oracle & other client-server technologies too. Anand supports & leads IVL, as the Advisory Consultant for Digital Products & Services.

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