With the latest update from the Central Board of Indirect Taxes and Customs (CBIC), companies with a turnover of more than 5 crore will be required to create e-invoices for any B2B transactions. In accordance with the recent directive that will take effect on 1st August 2023, electronic invoices will be obligatory for all registered individuals with a total revenue in any previous financial year beginning from 2017-18 and beyond surpasses five crores. Up to now, companies with more than 10 crores and over turnover must prepare e-invoices on every B2B transaction.
Electronic invoices, also known as e-invoices, refer to the notion that all invoices for B2B transactions are uploaded electronically by the vendor and verified by the IRP using the IRN as well as a QR code which must appear on invoices prior to sending it to the purchaser.
With the deadline for implementation coming up, it is essential for companies to use the appropriate software to begin implementing electronic invoicing. In this scenario connecting directly connected software with the e invoice portal will instantly create electronic invoices. TallyPrime is a complete software for managing business manages the entire process of e-invoicing from immediate invoice generation, to tracking and managing.
It is a powerful software. TallyPrime directly connects to the portal, and uploads the invoice, authenticates it and then receives the IRN and QR code and prints it automatically in the form of an invoice so that you don’t have to exert an extra effort. Get a
7-day trial period for free
of TallyPrime and enjoy an effortless e-invoicing experience
The e-Invoicing feature of TallyPrime is
Create e-invoices instantly Instantly create e-invoices TallyPrime it is possible to create automatically IRN and QR codes on invoices while you record transactions, or you can create it from an e-invoicing document with a mouse click.
Integration with Direct IRP: TallyPrime’s electronic invoicing software is specifically designed to be able to directly communicate with the portal for e-invoicing, making it faster and more reliable fully connected method to generate instant e-invoices.
Invoicing bulk: If you are an enterprise, you may need to create one invoice or bulk. TallyPrime is a comprehensive program. TallyPrime allows you to effortlessly create e-invoices when you enter vouchers to process transactions, or in bulk for a number of invoices in one click.
Take a look at e-invoices from a holistic perspective In TallyPrime you have access to reports on e-invoices that provide a comprehensive overview of all the tasks you have to complete including closed, pending, rejected and more.
Supports offline exports: Through TallyPrime’s connected services you can export the data needed for e-invoicing offline, in JSON as well as Excel format in the event there are connectivity issues with your network.
Create e-way bill: TallyPrime comes with an option to create electronic invoices and eway bills together. Furthermore, TallyPrime comes with an option to prolong, cancel and change e-way invoice information online.
Manage IRN easily: Being a flexible and adaptable solution TallyPrime automates the generation and management of electronic invoices, pull IRN information, and prints QR codes on invoices, without manual intervention, ensuring that your books are kept up-to-date.
Alerts that are useful The alert mechanism in TallyPrime assists you in identifying any potential anomalies or unintentional modifications in a multi-user setting.
GST tax return submission: With TallyPrime’s prevent as well as correction and detection mechanisms to ensure accuracy GST returns. The returns are filled automatically and you are able to directly create JSON files and upload them to the portal. JSON document and then upload to the portal.
Access online to reports Access many insightful business reports. Access them on a mobile device or any other device at any time, anytime.
Get a
7-day trial period for free
of TallyPrime and enjoy seamless e-invoicing.
How can I try the e-invoicing program at no cost?
For you to evaluate the benefits of e-invoicing software for your company, TallyPrime comes with a seven-day trial for free that lets you get acquainted with the software. Here’s how you can avail the trial free of charge:
Get Tally to download from here
Link
You will receive a mail confirmation from Tally with your serial number and activation code that will be valid for seven days
Once the installation has been completed then click Activate License and provide serial number Activation Key along with other information to begin your trial for free.
The benefits of using e-invoicing software
Since it is a digital procedure, you can create an electronic invoice quickly and without having to switch between various platforms and applications.
Since there aren’t any manual steps E-invoicing software guarantees higher accuracy and less mistakes.
In addition to helping you comply with the rules of electronic invoicing as well as assisting you with filing precise returns, maintaining your bookkeeping in order, logging records in a more seamless way, and more.
With electronic invoices tracking your invoices is simple and gives you more control over your invoice process.
Bottomline
In the most recent announcement by CBIC companies that have a turnover of 5 crores or more will be required to create electronic invoices. Furthermore due to the date of implementation coming up, it’s essential for businesses to use an extensive e-invoicing system such as TallyPrime to make a smooth, seamless transition.