E-INVOICE

Simplify Invoicing Processes with Trisuka

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Welcome to Trisuka, your trusted partner for E-invoice services. Our team of experts is here to guide you through the process of adopting E-invoicing, helping you streamline your invoicing processes and ensure compliance with regulatory requirements. Let’s explore the world of E-invoicing and understand its significance.

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E-invoice Services

E-invoice refers to the electronic format of an invoice generated and exchanged between businesses in a standardized manner. It is a system introduced by the government to automate and digitize the invoicing process, improving efficiency, reducing errors, and enhancing transparency in business transactions.

  • GSTIN: Goods and Services Tax Identification Number (GSTIN) of the supplier and recipient involved in the transaction.
  • Invoice Details: Comprehensive details of the invoice, including the invoice number, date, description of goods or services, quantity, value, applicable taxes, and any other required information.
  • HSN or SAC Code: Harmonized System of Nomenclature (HSN) or Service Accounting Code (SAC) relevant to the goods or services being invoiced.
  • Other Relevant Supporting Documents: Any additional documents as per the regulatory requirements or specific nature of the transaction.
  • Invoice Generation: Generate the invoice using the E-invoice format or adopt an E-invoicing software or solution that complies with the government’s requirements.
  • Validating the E-invoice: Validate the invoice against the prescribed standards and formats to ensure compliance and accuracy.
  • E-invoice Registration: Register the invoice on the government-designated Invoice Registration Portal (IRP) by digitally signing it and obtaining a unique Invoice Reference Number (IRN).
  • QR Code Generation: Generate a Quick Response (QR) code containing essential invoice details, such as the IRN and other relevant information.
  • Sharing the E-invoice: Share the E-invoice with the recipient by providing them with the necessary details, including the IRN and QR code.
  • Reporting to the Government: The E-invoice data is automatically reported to the government’s GST portal, eliminating the need for separate reporting.

Businesses with a specified turnover threshold, as determined by the government, are required to generate E-invoices for their transactions. The turnover threshold may vary based on the financial year and the nature of the business.

  • Increased Efficiency: E-invoicing automates the invoicing process, reducing manual errors, and enhancing operational efficiency.
  • Compliance with Regulations: E-invoice adoption ensures compliance with government regulations and standards, providing transparency and accountability in business transactions.
  • Streamlined Tax Reporting: E-invoice data is automatically reported to the government, simplifying tax reporting and reducing the burden of separate filings.
  • Faster Payment Processing: E-invoices can facilitate faster payment processing by enabling real-time invoice tracking and validation.
  • Reduced Paperwork: E-invoicing eliminates the need for physical paperwork, reducing storage requirements and promoting eco-friendly practices.
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FAQ

  1. Is E-invoicing mandatory for all businesses?
    E-invoicing is mandatory for businesses that meet the specified turnover threshold, as determined by the government.

  2. Can E-invoicing be adopted for all types of transactions and businesses?
    E-invoicing can be adopted for most business-to-business (B2B) transactions, with some exemptions based on specific industries or nature of transactions.

  3. What is the purpose of the QR code on an E-invoice?
    The QR code on an E-invoice contains key details of the invoice, making it easier for recipients to verify and authenticate the invoice.

  4. Do I need to store physical copies of E-invoices?
    It is not necessary to store physical copies of E-invoices. However, it is advisable to maintain digital copies for record-keeping and audit purposes.

  5. Can E-invoicing be integrated with my existing accounting software?
    Yes, E-invoicing solutions can often be integrated with existing accounting software, enabling seamless adoption and synchronization of invoicing data.

**Please note that while these answers provide a general understanding, it is always advisable to consult with professionals or legal experts for specific guidance to your unique circumstances.