Crossed the e-invoicing turnover limit? Here are 5 things to do next!

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2023
Crossed the e-invoicing turnover limit? Here are
5 things to do next!
Next
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2023
E-Invoicing Turnover Limit is the base criteria
on the basis of which a company falls under the
E-Invoice Mandate. Recently, the government has
further reduced the e-invoicing turnover limit
covering companies with Annual Aggregate Turnover
of Rs. 5 Cr. and above. As per the GST
notification 10/2023, from August 1, 2023
companies having AATO of Rs 5 Cr and above need
to register their B2B invoices and other specific
documents on IRP and get Invoice Registration
Number in return. This is an attempt to
accommodate MSMEs under e-invoicing and
streamline the process while bringing in
transparency and reducing tax evasion. This
article will help you to know if you have crossed
the e-invoicing turnover limit and if you have
recently crossed or are about to cross the
e-invoicing threshold limit, then what are the
next steps you need to carry from here on
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What is the turnover limit for e-invoicing?
Introduced in a phased manner, e-invoice under
GST is based on the Aggregate Annual Turnover
(AATO) of companies and businesses in India. The
first phase addressed companies with a turnover
of over INR 500 crores. This went live from 1st
October 2020. The next was for the ones that
turned a revenue over of more than INR 100
crores. This went live from 1st January 2021. The
third phase, which went live in April 2021, was
for the companies with a revenue of over INR 50
crores. Earlier this year, the fourth phase,
launched in April 2022, was effective for
companies that have turnover over INR 20 crores.
Finally, the fifth phase was for companies with a
turnover of over INR 10 crores going live from
1st October 2022.
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Steps to take after your business crosses the
e-invoice turnover limit
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1. Familiarize your Accounts Department with
E-invoicing
Prior to the e-invoice applicability, all your
B2B and B2C invoices may have had a similar
common format that is followed by Indian
businesses across the country with the required
data fields. However, after crossing the
e-invoicing turnover limit, you cannot carry out
generating invoices in your usual manner. There
is a standard procedure that needs to be
followed. There are rules regarding the data
fields and most importantly the IRN (Invoice
Reference Number) and QR Code. So, the first
step will be to familiarize your accounts
department with the e-invoicing mandate, its
rules and regulations, about e-invoice printing,
data fields etc. The change is massive and thus,
a dynamic implementation will be made possible by
having a thorough understanding of the e-invoice
issuance, e-way bill production, and GST return
filing processes.
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2. Register yourself on the Invoice Registration
Portal
Once your business crosses the e-invoicing
threshold, you will automatically get enabled on
the official GSTN portal. After the enablement,
you need to register yourself on an IRP (Invoice
Registration Portal) like IRIS IRP. Note In
some cases, your business may not get
automatically enabled on the official GSTN
website. In that case, you need to create an
account and enable yourself on the GSTN portal if
your business falls under the e-invoicing
threshold.
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3. Verify and Prepare your Systems
Now that you have registered yourself on the
invoice registration portal, it is also super
important to check if your accounting and billing
systems are ready for e-invoicing under GST.
Before sending your invoice data to the IRP, you
need to check if all the data is correct in order
to avoid errors. So, make sure your tax rates,
HSN code etc. are updated in your systems. All
the mandatory e-invoice data fields should be
filled appropriately. Another major activity is
that you will have to have a separate set-up for
your B2B and B2C invoices. This is because
e-invoicing is applicable to only B2B and export
invoices so you must segregate your B2B and B2C
invoices in your billing systems so as to avoid
confusion.
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4. Inform your Vendors and Customers about
E-invoice Applicability
Once your business is applicable for e-invoicing,
you need to also inform your customers and
vendors about the same. From now on they will
receive e-invoices from your end because your
business has crossed the e-invoice turnover
limit. This is an important change that will
reflect on all your B2B invoices along with debit
and credit notes. They also need to know in case
of IRN cancellations if any. Your customers and
vendors can verify if your e-invoice is valid by
using apps like IRIS Peridot.
5. Find an E-invoicing Solution Provider
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Now that you are all geared up and ready to
initiate your e-invoicing journey, it is
extremely important that you choose an efficient,
ethical and transparent e-invoicing solution
provider like IRIS IRP. IRIS IRP is an authorised
Invoice Registration Portal by the government of
India. We at IRIS IRP operate at all levels. Not
only will we take away all your hassle but will
also ensure that you have an error-free IRN
generation every single time. IRIS IRP will save
you a lot of time, effort and resources without
disturbing your current business flow. With IRIS
IRP, you can prepare a single e-invoice via our
tool or bulk generate IRN through the excel
utility, pull IRN in your ERP via API Integration
or custom print invoices using an awesome cloud
platform!
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If you are a small business owner (MSME/SME)
IRIS IRP helps you to jumpstart your e-invoicing
using the offline excel utility tool i.e. MS
Excel interface. You can send Invoice Data to IRP
in bulk and generate e-invoices real-time! Also,
get to generate e-invoices and e-way bills on a
single platform. If you are a large business
owner IRIS IRP E-invoicing is the best option
for you - It is the fastest and easiest way to
generate e-invoice. There are multiple options to
generate IRN via IRIS IRP. You can integrate IRIS
IRP APIs to get IRNs directly into your
accounting system. If you are a solution
provider yourself IRIS IRP calls all ERP
providers and system integrators to design a
seamless user journey for your customers using
IRIS IRP to build a robust and error-proof
e-invoice compliance. We offer Core and Enhanced
APIs for e-invoice generation.
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Thank For Reading
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