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India Gears up for e-invoicing

16/03/2020

UPDATE 16/03/2020: The GTS Council has announced the deferment of mandatory e-invoicing in India. The new deadline is 1st October,2020. 

In addition, the GTS Council has provived an exemption to certain class of registered persons (insurance company, banking company, financial institution, non-banking financial institution, GTA, passenger transportation service etc) from issuing e-invoices or capturing dynamic QR code.

12/12/2020: India implemented its GTS System of e-invoicing for the B2B environment on a voluntary basis for taxpayers on 1 January 2020 and it will become mandatory for companies invoicing over Rs 100 crore a year (approx. €12,643,299.19) as of  April 1st.

Following the global trend of taking electronic invoicing, India has decided to implement its e-invoicing model with the goal of offering a system that boosts interoperability among businesses, reduces tax evasion, and optimizes management processes.

A look at the e-invoicing model in India

The e-invoicing model in India is based on a prior validation system, as occurs in other countries such as Mexico, Chile, or Peru.

Taxpayers will issue invoices and send them to Invoice Registration Portals (IRPs). The IRPs will generate a unique Invoice Reference Number (IRN) for each invoice, sign them digitally, and produce a QR code. The IRPs will email e-invoices to the Goods and Services Tax Network (GSTN) along with the invoice recipients.

Companies must generate invoices in JSON format following the specifications of the Indian tax authority, the GST Council.

In addition to the e-invoice, the GST says the following must also be exchanged over the GSTN: credit notes, debits notes, and any other document the issuer must by law report.

The implementation process is planned to be gradual, starting with companies invoicing over Rs 100 crore per year, followed by others on a piecemeal basis, but no more details have been released to date.

At B2C level, the Finance Ministry has published the requirement for businesses invoicing over Rs 500 crore (approx. €63,216,495.93) to issue invoices to individuals including a QR code containing payment details for traceability.

EDICOM GLOBAL INVOICING SOLUTION

At EDICOM we are already working on the format published by the GST Council to facilitate the e-invoicing process in India for our clients.

Our GLOBAL INVOICING platform enables secure, automated e-invoicing across 60-plus countries, integrating documents with the world’s leading ERPs such as Oracle and SAP, with 99.9% service level availability.

For more information, contact our specialized consultants and start your e-invoicing project in India today.

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