Category Archive

Electronic Invoicing, Are 5 Crore Companies Ready?

In E Invoicing by Anandkumar S Nair29th September 2022

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, ...

Automating Inbound Electronic Invoicing

In E Invoicing by Anandkumar S Nair2nd January 2022

E-invoicing got off to a great start in India on 01 Oct 2020. The threshold limit for submitting electronic invoices was progressively lowered from the initial Rs 500 crores to Rs 100 crores turnover since 01 Jan 2021, and then to Rs 50 crores with effect from 01 Apr 2021. Thus as of now, it is mandatory that B2B transactions of companies with an annual turnover greater than Rs 50 Crore are processed through electronic invoices.

Recent press releases and CBIC Notifications

In E Invoicing by Manoj P1st October 2020

30 day grace period for those who are not yet ready for GST e-invoice : CBIC As a last chance, in the initial phase of implementation of e-invoice, it has been decided that the invoices issued by such taxpayers during October 2020 without following the manner prescribed under rule 48(4), shall be deemed to be valid and the penalty leviable ...

E-invoicing Process

In E Invoicing by Manoj P29th September 2020

E-invoicing is a new reform which entails the generation of invoices in an electronic format, which facilitates machine readability across ERP and tax systems.

E-invoice: best practices – Part 2

In E Invoicing by Manoj P29th September 2020

What is the best time to cancel an e-invoice for the supply of goods?

E-invoice – best practices

In E Invoicing by Manoj P29th September 2020

In case of supply of services, Rule 47 of CGST Rules 2017, Part A – Chapter VI is self-explanatory. In case of goods, however, there is a physical goods movement where the tax officials can do a scrutiny of the document / supply. With the revised Rule 48 (Manner of issuing invoice), the supply would be deemed to be invalid if e-invoicing is applicable but not yet done.

QR Code for B2C Invoices: “Digital Display” for Customers?

In E Invoicing by Anandkumar S Nair17th April 2020

IntroductionAs is well known, electronic invoices (e-Invoices) have been made mandatory by the Government of India with effect from 01 Oct 2020 for all B2B transactions by business entities with a turnover greater than Rs 100 Crore. What this means is that all invoices, generated by companies using their existing ERP/ Accounting System will need to be converted into a ...

Document automation & integration ( In bound invoices, BOE,L/C, etc) and integration with SAP (Part 2)

In E Invoicing by Rajesh P3rd April 2020

Document automation & integration process on Letter of CreditLetter of Credit (LC) is a document issued by Bank. We have Import LC (Requested by Home bank) and Export LC( Requested by Exporters bank). Ideck is capable of handling both Import LC and export LC. This module is tightly integrated with our EXIM module. When a new LC document receives from ...

AIM(Accelerated Implementation Methodology) for E-Invoicing

In E Invoicing by Gireesh G1st April 2020

AIM, or Accelerated Implementation Methodology is a framework for addressing organizational changes that will transform how your business operates. It takes the change process from planning all the way through installation, Implementation, training and an eventual Return on Investment. Its main objective is to remove any barriers between the planning phase and a successful implementation, which can include things like ...