Zoho Inventory is e-Invoicing ready for India
A recent update shared by the Central Board of Indirect Taxes and Customs (CBIC) confirms that the much-anticipated e-invoicing requirement will be implemented in India on 1st October, 2020.
If your business has a turnover of more than 500 Cr INR every year, then it is mandatory for you to register for the e-invoicing facility and use a system that supports this functionality.
This new rule means that you have to generate e-invoices with systems that have a built-in e-invoicing function. Then, these daily transaction invoices are automatically uploaded to the government-authorised Invoice Registration Portal (IRP). Once the portal verifies the invoice, it is digitally signed by the GST Network (GSTN). An invoice reference number (IRN) is then generated along with a Quick Response (QR) Code. This processes creates GSTN accounts for each e-invoice, allowing you to easily make updates to them through the GSTN portal. Because these e-invoices will also be mapped to customer GSTN accounts, you can easily share any invoice with your stakeholders or customers for their records. The e-Way Bills can also be generated on the go with reference to your IRN within the app. Overall, this system greatly reduces the time spent on e-filing taxes every month.
As this is an online process done in real time, using applications that don't communicate with each other will make it difficult to stay compliant. You will either have to spend extra money to upgrade your existing solution to meet these standards or manage a different system along with the existing one to handle e-invoicing. That would mean having to manage data continuously between the two systems.
A connected solution like Zoho Inventory with the right compliances already in place will help you manage e-invoicing without any additional requirements or extra costs to upgrade the system. Zoho is a GSTN Suvidha provider, which means we will connect your solution to the GST Networks with excellent accuracy and also meet all the performance standards required by the provider.
Zoho Inventory is a cloud solution for inventory management. Different types of businesses use Zoho Inventory for stock management, retail and wholesale distribution, online order management, and more by sticking to a single solution for their business processes and invoicing. Additional features include multiple GSTN support, low code customization capabilities, advanced analytics integration, and a seamless connection with Zoho Books for GST filing. These features make Zoho Inventory a user-friendly solution that grows with your business. Existing Zoho Inventory customers will find their systems are ready to adapt to this change, and they will not face any difficulty during the transition.
If you have any questions, we'd be happy to listen and help you find the right answers.
Regards,
Salman Nazar | Community Manager
Zoho Inventory