{"id":20233,"date":"2023-08-02T18:25:00","date_gmt":"2023-08-02T12:55:00","guid":{"rendered":"https:\/\/open.money\/blog\/?p=20233"},"modified":"2024-06-06T17:53:41","modified_gmt":"2024-06-06T12:23:41","slug":"e-invoicing-gets-easier-with-open","status":"publish","type":"post","link":"https:\/\/open.money\/blog\/e-invoicing-gets-easier-with-open\/","title":{"rendered":"How Open makes e-Invoicing Effortless With 100% Compliance (Updated)"},"content":{"rendered":"

The Goods and Services Tax (GST)<\/strong> came into effect on July 01, 2017 in India. Since then, most small and medium-sized businesses have geared up to make their operations compliant with the new tax laws.\u00a0<\/span><\/p>\n

One of the major changes with the implementation of GST is that the invoices must be compliant with the new tax laws. The same applies to e-Invoicing.<\/strong><\/a> e-Invoices are Electronic Invoices, that are used to authenticate B2B invoices electronically by e-Invoice portal for tax return purposes.\u00a0<\/span><\/p>\n

e-Invoice under GST<\/strong><\/h2>\n

From August 1st,2023, every business crossing an aggregate turnover of over Rs 5 Cr.<\/span> in the last financial year is required to follow the current e-Invoicing guidelines.\u00a0<\/span><\/p>\n

Under this system, a unique IRN (Invoice Reference Number) gets issued by the IRP (Invoice Registration Portal)\u00a0 against every invoice generated. All the invoice details get transferred to both the GST portal as well as the NIC (National Informatics Centre) portal in real-time via APIs. This eventually eliminates manual processing and helps businesses to file GST returns and to claim GST refunds with ease.<\/span><\/p>\n

\"IRP\"
\nNote<\/i>: <\/i><\/strong>A taxpayer who is already registered on the GST portal needs to register separately on the e-Invoice portal. A taxpayer registered on the e-way bill portal is not required to separately register on the e-Invoice portal. The person can log in to the e-Invoice portal using the same login credentials as the e-way bill portal.<\/span><\/i><\/b><\/p>\n

Benefits of e-Invoicing for your businesses<\/b><\/h2>\n