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Time is running out for businesses in India that have an annual turnover greater than Rs 100 crores. If this applies to you, you have until January 1, 2021 to become compliant with the new mandatory e-Invoicing requirements that have been established by the government of India.
With this sense of urgency hanging over you, you might be wondering how you’ll become compliant in time. After all, the transition comes with its share of technological challenges. Fortunately, there’s a way – and it’s easy. But before we get to that, let’s take a look at what e-Invoicing is.
Electronic invoicing – or e-Invoicing – is a method of digital invoicing that is becoming increasingly common in the B2B world. The e-Invoicing system operates as an integrated solution designed to ensure that one Enterprise Resource Planning (ERP) system can electronically generate and send an invoice to another ERP system. The receipt and processing of the invoice is automatic.
As of January 1, 2021, companies in India will be required to generate GST invoices from their ERP system. They will also be required to register their transactions with the government’s invoice registration portal. This portal verifies the invoice, ensures it has been digitally signed by the Goods and Services Tax Network (GSTN), and generates the signed e-Invoice. This signed e-Invoice will come with an Invoice Reference Number (IRN) and a Quick Response (QR) code and it will be issued to the relevant business for their records.
In order to ensure compliance with the new e-Invoicing requirements, Indian companies and global enterprises operating in India must update their ERP and accounting systems so they can effectively manage their GST reporting obligations. This is particularly challenging for businesses that manually generate e-Invoices.
However, the benefits that come with e-Invoicing go far beyond compliance with the Indian government’s new regulations. Replacing paper invoicing with e-Invoicing will save you money, improve your cash flow, ensure shorter payment cycles, reduce errors, and make it much easier to file your returns.
To avoid the complexity of switching to e-Invoicing and to take full advantage of what the e-Invoicing system has to offer, Tangentia has developed their Tangentia e-Invoicing Gateway (TEG). This is a e-Invoicing system that provides you with some amazing features, such as:
Don’t let the idea of switching to e-Invoicing prevent you from becoming compliant. Automate your e-Invoicing process and gain control over GST compliance with Tangentia. We can help you navigate India’s GST compliance regulations and seamlessly move your business to e-Invoicing with zero operational disruption. And all of this within just 10 days.
Tangentia provides services to customers on a global scale. They proudly count 12 Fortune 500 companies among their customers, and they have achieved over $10B in SaaS transactions over the past 17 years.
Contact us today for more information about how the Tangentia e-Invoicing Gateway can help you become IRN and GST compliant in time for the January 1, 2021 deadline.
Tangentia is a Platinum Partner of IBM and well as partners with Automation Anywhere, UI Path, Blue Prism, Adobe, Microsoft, Salesforce, Amazon and leading enterprise software vendors. We work with customers globally with offices in Canada and India to implement their RPA strategies using an agile methodology.
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Tangentia B2B is a one stop shop for your B2B, EDI, trading partner, supply chain requirements, Connect your business with your enterprise-level trading partners worldwide through our network of more than 2000+ EDI connections, and integrate your EDI data with your ERP and other internal business applications seamlessly.
Backed by the global Tangentia Consulting & Technology Organization
11 Fortune 500 customers
Integration to 50+ ERP/WMS/E-commerce systems
1000+ B2B customers globally
Connect to more than 2000+ trading hubs globally
Guaranteed EDI compliance to trading partner specifications