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In the latest update from the CBIC, it means that every B2B transaction requires a company with a turnover of more than 5 crore to generate e-invoices. As per the latest directive that came into effect from August 1, 2023, to avail the facility of electronic invoices, each registered person should have had total revenue in the previous year 2017-18 or later is more than five crores. Currently, the companies having an annual turnover above 10 crores are under the mandatory rule to generate e-invoices for the B2B operations.
Electronic invoices also known as electronic invoices implies an ideal concept where all B2B invoices are uploaded in electronic format by the vendor and checked by the IRP by using an IRN and QR code to be placed on invoices before passing them over to the buyer. As the due date for enforcing e-invoicing approaches, it is crucial for businesses to have the right software for the start of the process of e-invoicing. In this case one can connect an application with the e-invoice platform as this will enable the creation of electronic invoices within a short span of time.
It is an all-in-one solution that covers all aspects of the electronic invoices – from invoicing to tracking and management with features like the possibility to create an invoice within a minute. They are quite robust software tools. Integrated with the portal, TallyPrime uploads the invoice, ensures the invoice is authenticated, receives the IRN and the QR code, and prints it on your behalf in the form of an invoice where there is no extra effort required. Sign up for the TallyPrime 7-day free trial and get consistent experience with electronic invoices.
Instantly create e-invoices: Using TallyPrime, you can set the software to create and print IRN and a QR code on the invoices when recording transactions or create it later using an e-invoicing report.
Direct IRP integration: TallyPrime’s e-invoicing solution is designed to integrate with the e-invoicing portal and hence offers a real time, reliable and connected approach to instantly create e-invoices.
Bulk invoicing: In the management of your business, you might sometimes need to generate single or multiple invoices. While TallyPrime is an integrated accounting software for comprehensive procession of business data, e-invoice generation can be managed in two ways – On the fly during voucher entry of a transaction or in batch for multiple invoices together at one go.
Get an overview of e-invoices: However, with TallyPrime, you can have e-invoice reports that allow tracking of the e-invoicing processes such as completed, pending, rejected among others.
Supports offline export: In case of no internet connection, TallyPrime’s connected services allow users to export data needed for e-invoicing offline in JSON or Excel formats.
Create e-way bills: It has one more option in TallyPrime that allows the user to generate the e-way bills and e-invoices in one go. Moreover, it also has provisions to extend/cancel/update the e-way bill details online and opt for the TallyPrime licensing model.
Manage IRN seamlessly: Since TallyPrime can work as a flexible solution, it can create and manage e-invoices, retrieve IRN details, and print the Qr code on invoices so that your books will be updated.
Useful alerts: With the alert feature of TallyPrime, you can easily discern any changes or mistakes made by other users of the software.
GST return filing: By using the prevention, correction and detection mechanism in TallyPrime, let me help you file accurate GST returns. All returns are auto-filled and it is also possible to directly create a json file and upload it to the portal.
Online access to reports: Get access to a wide range of insightful business reports and access them from a mobile or any device, anywhere .
To assist you with identifying the opportunity that e-invoicing software will bring to your business, TallyPrime includes a 7-day free trial of the product. Here’s how to avail the free trial:Here’s how to avail the free trial:
From the latest notification of the central board of indirect taxes and customs or CBIC, the new rule stated that the business entities, which have an annual turnover of Rs 5 crore and above, would be mandated to issue e-invoice. Also, since there is the implementation date to be in force in the remaining months of the year, businesses also require a robust e-invoicing solution like TallyPrime to adopt without any hitch.
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