E-invoices obligatory in India from 1 October 2020

Tuesday 18 August 2020 07:39 CET | News

E-invoicing will become mandatory starting 1.10.2020 for companies operating in India, according to Comarch.

The introduction of obligatory e-invoicing in India has taken place over a few stages. First, it was introduced on a voluntary basis in January 2020 for companies with annual aggregate turnover of more than INR 500 Crore. After that, starting 1 February, any businesses with a turnover of more than INR 100 but less than INR 500 had to make the switch to e-invoicing. 

From 1 October 2020, it will become fully mandatory for companies with an annual turnover above INR 100 Crore (approx. EUR 13 million).

All companies with headquarters or branches on Indian territory would have to create e-invoices using their own systems and send them electronically to the Indian Registration Portal in JSON format for validation. All invoices get an Invoice Reference Number (IRN) and QR code from which all invoice details can be read. If this process is successful, invoices with digital signatures are sent to the GST System. The company will then receive proof that the invoice has been registered, and the approved invoice will be available for the seller and buyer on the GST portal.

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Keywords: India, e-invoicing, Comarch, acounts payable, accounts receivable
Categories: Banking & Fintech
Countries: India
This article is part of category

Banking & Fintech