Chennai: The new e-invoicing mandate in India has placed increased challenges on businesses, said Avalara, Inc, a provider of cloud-based tax compliance automation for businesses of all sizes.
The latest announcement on e-invoicing enforcement, beginning 1 October has created urgency among businesses to conform with the new legislative reform and has increased the compliance and technological challenges on businesses, it said.
Under the Central Board of Indirect Taxes and Customs rule, businesses having an annual turnover above Rs 500 crore (approximately USD 68 million) in India will be required to generate tax invoices or debit-credit notes from their enterprise resource planning (ERP) or other accounting systems and register their transactions with the government-authorised invoice registration portal.
After the portal verifies the invoice, it is digitally signed by the GST Network (GSTN), which generates the signed e- invoice with an Invoice Reference Number (IRN) and a Quick Response code (QR Code). These e-invoices are then issued to the business for maintaining records and sharing with their business stakeholders.
Avalara has announced the availability of Avalara India GST e-invoicing, an end-to-end solution that helps companies manage e-invoicing requirements and comply with Indiaās e-invoicing reform.
The new offering builds on Avalaraās range of technological solutions available to improve the Goods and Services Tax (GST) compliance experience for businesses in India by validating, storing, and managing invoices, and providing the option to automate GST returns and e-way bills.