What Makes Invoicing Important for a Successful Business


TYAsuite

Uploaded on Mar 5, 2021

Category Business

Invoices play an important role for both buyers and suppliers as basic invoices contain full information about the sales and purchase of goods and services. The e-invoicing GST helps a lot to protect the business from entangling into false lawsuits as well as restrict everyone to follow rules as per the terms and conditions.

Category Business

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What Makes Invoicing Important for a Successful Business

E-Invoicing Software Automated Platform for Taxpayers 1 Contents Background of E-invoicing in India? 3 Benefits of E-invoicing in India 4 Documents to Be Reported Through E-Invoice? 5 TYASuite E-Invoice Process Flow 6 Key Queries and Their Response as Relevant for Client 7 About TYASuite 11 Contact Us 12 2 Background of E-invoicing in India? What is E-invoicing? ‘E-invoicing’ or ‘electronic invoicing’ is a system wherein B2B invoices are electronically verified by GSTN for further usage on the common GST portal. Key Dates 1. The GST Council approved the standard of e-invoice in its 37th meeting held on 20th Sept 2019 2. The taxpayers with annual aggregate turnover of Rs 500 crores or more can voluntarily generate e-invoices starting from 7th January 2020 through APIs. 3. The taxpayers with the turnover of more than Rs 100 crores but less than Rs 500 crores can also join them starting from 1 February 2020. 4. The electronic invoicing will be mandatory from 1st Oct 2020 for all taxpayers with turnover over Rs 100 crores. 5. The aggregate turnover will include the turnover of all GSTINs under a single PAN, across India 3 Benefits of E-invoicing in India Benefits Envisaged by E-Invoicing Businesses will have the following benefits by using e-invoice initiated by GSTN: E-invoice expected to resolve and Backward integration and plug a major gap in data automation of the tax return filing reconciliation under GST to process reduce mismatch errors. E-invoices can be read by another system, allowing Faster availability of genuine input interoperability and reducing Benefits tax credit. data entry errors. Real-time tracking of invoices Lesser possibility of audits/surveys prepared by the supplier is by the tax authorities since the enabled by e-invoice. information they require is available at a transaction level. 4 Documents to Be Reported Through E-Invoice? While the word invoice is used in the name of e-invoice, the documents given below will be required to be reported through E-Invoicing: 1. Invoice by Supplier 2. Credit Note by Supplier 3. Debit Note by Supplier 4. Any other document as required by law to be reported by the creator of the document (as notified by the Government from time to time) 5 TYASuite E-Invoice Process Flow 6 Key Queries and Their Response as Relevant for Client Can E-Invoice be Can E-Invoice be Amended? cancelled? Yes, the E-invoice Yes, E-Invoice can be once generated can amended. However, this be cancelled. facility is currently not given through E-Invoice system. Amy amendments has to be done directly through GST Portal. Can E-Invoice be Partially Changed? Is it mandatory to The E-Invoice sign e-invoice? cannot be changed partially. It has to be fully cancelled and a No. E-Invoice is not required new invoice to be to be signed by the Company. raised. E-Invoice is already digitally signed by the IRP. 7 Key Queries and Their Response as Relevant for Client Can the company Logo be placed on E-Invoice? Can Client Sales Team/Finance team receive a copy of invoice sent to Customers? Yes, Company can place their logo on PDF version of E-Invoice. It is to be Yes. Client central finance/sales email noted that E-Invoice which comes from ID can receive a copy of invoices from IRP will not have Client Logo. TYASuite TYASuite E-Invoicing platform. E-Invoice Portal can generate E-Invoice with Client Logo and other non-standard terms and help you to directly email the Can we check the status of invoices to Client’s customer. invoices on real time basis? Yes, Client will be provided If TYASuite E-Invoicing portal is will secured login credentials used for sending invoices to to access to TYASuite’s E- customers, whose email ID will be Invoicing Portal and Client used to send the invoices? can access the portal 24/7. 8 Client’s provided email ID will be used to send invoices to customers. Key Queries and Their Response as Relevant for Client Does Client require to change anything in their current How can I generate QR code on my E- ERP/invoicing system Invoice E-Invoice system required certain mandatory fields. If those mandatory TYASuite platform has inbuilt field are not there, the same shall be functionality to print the QR Code on enabled or given in excel manually the invoice against each invoice Is QR printing on invoices mandatory? How can Client generate E- Invoice if my existing system Yes. All E-Invoice must have doesn’t support APIs QR Code The same can be done through excel invoice details 9 Key Queries and Their Response as Relevant for Client Will E-Invoices be emailed to my customers directly by IRP? Can TYASuite platform also help in No. Automating GST Return filling TYASuite platform can Perform the same Yes, if other details are provided to TYASuite, the GST Return can be filled through the platform in one click Is B2B invoices with unregistered customer required to do e- invoicing Currently B2B invoice with only valid Customer GST number can be generated through E-Invoice. 10 For all other invoices, the existing system can play the role About TYASuite TYASuite is a growing company bringing affordable cloud-based ERP solutions for Small and Medium Enterprises. Our complete, unified platform empowers businesses to overcome redundancy and inefficiency by automating most of the business functions at minimum cost, time and effort. The TYASuite cloud ERP solution is the result of the passion and desire of a finance veteran to transform the way companies run their business processes and improve the lives of business professionals across the globe. Most employees are plagued by the duplicity of data and the redundant and boring tasks that hamper their productivity. Manual business processes further open up a Pandora's Box of problems. The TYASuite cloud ERP solution is built on decades of knowledge and experience of its founders across industry type, geography and company size, to be used by aspiring companies as a plug and play cloud ERP Platform. TYASuite solution is a multi-industry cloud ERP platform that can fit into your business process and provide you with the flexibility of auto-scaling as your business grows. TYASuite is the most affordable cloud ERP solution in the market and can be implemented in your organization within just a few days. TYASuite is hosted on Amazon Web Services (AWS - Cloud Computing Services). The AWS Cloud is engineered for the most demanding IT requirements. It is completely secure - AWS makes TYASuite the most secure, stable and powerful cloud software for you! 11 Thank You Request Free Trial [email protected] | www.tyasuite.com +91 8880784111 | +91 9945410062 Connect with us : TYASuite 12