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India mandates QR code e-invoicing for businesses with over USD 70 mln in revenue

Tuesday 17 December 2019 13:12 CET | News

The Central Board of Indirect Taxes and Custom has mandated that Indian businesses with a turnover of over USD 70 mln issue invoices with a QR code.

The measure comes into effect starting with 1 April 2020. ‘E-invoicing’ is a system in which invoices are authenticated electronically by GSTN (GST Network, the IT backbone for new indirect system) for further use on the common GST portal. This system will prescribe an identification number will be issued against every invoice by the Invoice Registration Portal (IRP) to be managed by the GSTN.

All invoice information will be transferred from this portal to both the GST portal and e-way bill portal in real-time. Therefore, it will eliminate the need for manual data entry while filing ANX-1 (Annexure 1, part of new return mechanism going to be implemented from April 1)/GST returns as well as generation of part-A of the e-way bills, as the information is passed directly by the IRP to GST portal.



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Keywords: The Central Board of Indirect Taxes and Custom, Goods and Services Tax, GST Council, India, e-invoicing, electronic invoicing, GST portal, QR code
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: India
This article is part of category

Banking & Fintech






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