In the third phase of e-invoicing rollout, the government has mandated e-Invoicing for entities with a turnover of 50 Cr or above from 1st April 2021. This will make e-invoicing applicable for all business-to-business transactions.
The government initially rolled out e-Invoicing for entities with 500 crores and more turnover from October 1 2020 and later extended to entities with 100 crores and above from January 1, 2021.
The government had earlier planned to extend e-Invoicing to all entities from April 1, 2021, but has refrained, since this would affect small entities gravely. Notification no. 05/2021-Central Tax dated 08.03.2021 brought it into effect.
e-Invoicing is aimed at bringing in more transparency in sales reporting, minimizing errors and mismatches, automating data entry work, and improving compliance. This will help prevent tax evasion once it is made mandatory for small and medium firms in phases.
e-Invoice is a compliance requirement that stands in the critical path of making a sale and earning revenue. Keeping this in mind, GSTZen offers different solutions to meet the varied needs of businesses.
The key functionality of GSTZen software is to read a tax payer’s invoice details, validate all details, create invoice data as per the schema prescribed by the government, and register the invoice with the government and receive an acknowledgment, and finally provide details of the acknowledgment to the taxpayer.
GSTZen’s solutions support multiple Data Sources through different Data Access methods. Here is the list of e-Invoice Integrations curated by GSTZen: