How Height8 Is Filling the B2B Experience Gap
January 25, 2023
Electronic invoicing or e-Invoicing is a system of raising invoices, in which invoices generated by one software can be read by any other software in order to eliminate the need for any fresh data entry or errors.
In other words, e-invoicing uses a standardized format for generating an invoice, where the electronic data of the invoice can be shared with others, thus ensuring the interoperability of data.
From October 1st 2020, e-Invoicing became compulsory for all businesses including ISPs whose total turnover has exceeded the Rs.500 crore limit in any of the previous financial years from 2017-18 to 2019-20. Afterwards, e-invoicing became applicable to businesses exceeding the Rs. 100 crore turnover limit in any of the financial years between 2017-18 to 2019-20 from 1st January 2021.
Similarly, from 1st April 2021, government extended the e-invoicing applicability to businesses with a total turnover of more than Rs.50 crore. Afterwards, from 1st April 2022, it was extended to businesses having more than Rs 20 crore turnover.
Recently, the government extended the e-invoicing applicability to businesses with turnover over Rs.10 crore from 1st October 2022. Soonly, from 1st January 2023, it shall be applicable to businesses with a turnover of more than Rs.5 crore.
You have to generate the invoice data in the prescribed format i.e. JSON in the e-invoice process. This can be done either by using the ISP Management Software or the tool provided by the portal. And, then upload it to the Invoice Registration Portal (IRP) which in turn validates and authenticates the invoice data with IRN (Invoice Reference Number) and QR code.
The process to generate e-invoice is mentioned below:
H8 Solution is product ready with the new e-invoicing feature to follow the steps of the government for digital economy and to simplify the compliances for businesses.
© 2021-22 Height8 Technologies Pvt. Ltd.