Solution to all your Doubts about E-Invoicing System
India implemented the e-Invoicing system under GST from 1st October 2020 for taxpayers with an aggregate turnover exceeding Rs.500 crore. Further, the E-invoicing was extended to businesses with a turnover exceeding Rs.100 crore from 1st January 2021.
The third notification from CBIC has announced on 8th March 2021 about the applicability of the e-invoicing system for Rs.50 crore to Rs.100 crore from 1st April 2021 for businesses with total turnover ranging between Rs.50 crore to Rs.100 crore.
With the mandates coming for implementing the e-invoice processing system, companies in the stated category started preparing for the shift and while a greater number of businesses are joining the count.
This article covers some of the common FAQs on the e-invoicing system under GST.
What is e-invoicing?
Although you already know what e-invoicing is or e-invoice processing, let us take a brief look to better establish the context.
Electronic invoicing or e-Invoicing is a system of generating invoices. E invoice management systems help generate invoices by one software and eliminate the need for any manual data entry and consequently also remove errors.
Invoice generated through these e-invoice processing systems is standardized in one format, where the invoice data can be shared with others digitally. Also, read GST e-Invoicing: Key Features to get more insights about features the e-invoicing.
- Walking into the Digital Age of invoicing
E-invoice processing is marking the digital era of trade relations. If you are a business owner and have been curious about adopting the new system, you might as well be clear that the mandate has arrived from the government to away from paper invoices by gradually making electronic invoicing. Although at this moment the system is mandatory only for businesses with a turnover of about the 50cr, the small-scale businesses can also adopt this efficient system and get prepared for the digitized future.
E-invoice management systems will become widely accepted in India in the coming times, and businesses are well-advised to equip themselves with appropriate solutions like the ones offered by Skyscend India. You can book a free demo and understand how exactly the system worked for you for more details.
- Advantages for the businesses of every scale
There has been a doubt that an e-invoicing management system is beneficial only for the business with a huge turnover. The idea is to move towards a more efficient and paperless process, which stands beneficial for all businesses. One of the major advantages is the cost reduction as it eliminates printing and shipping of invoices, and on the other hand, invoices can be delivered faster and almost error-free.
Further the e-invoice processing like the one offered by Skyscend ensures more efficiency and transparency and thus better comply with legal requirements. The system also offers a secure exchange of all your invoices through an encrypted transmission procedure. Not to forget the high-tech support in the procedure, including AI, Blockchain and cloud.
- Global E-Invoicing
The e-invoice management system maintains global standards to support the business that is involved in international trade. With the government regulations becoming more stringent, the companies are becoming increasingly obliged to create and disperse invoices electronically. As of now, global e-invoice regulations have been implemented by more than 65 countries, and the numbers are multiplying.
It is to be understood that international invoicing regulations are changing rapidly, and countries that require e-invoice in any form are constantly on the rise. As the e-invoicing system takes up a rapid pace around the world, Skyscend offers an integrated solution to the business to comply with multiple countries and their e-invoicing solution.
E-invoicing processing systems have quite baffled the businesses at this moment. Even though the mandate came in the year 2020, a lot of transformation is yet to happen. As we move forward with a highly advanced e-invoice management system for the business with the services that benefit you and your team in the best possible way and offers the greatest possible flexibility.
Skyscend India is currently offering a free demo and trial phase for businesses to try the e-invoice processing system. You can get hold of the fast ad simple implementation and the easy integration while making the platform more relevant for your local and global business requirements.
Needless to say, if you are looking for a platform that applies the best practices of the e-invoice management system, then you have the Skyscend as your helping hand ad partner and deliver all the relevant solutions in a single space.