Electronic invoicing (e-invoicing) is an electronic authentication mechanism under GST and is now a government mandated registration procedure. As per the GST Council direction, National Informatics Centre (NIC) has built the e-invoice system as per the latest e-invoice (IRN) schema published on the GSTN portal. As per the notification of GST, this system has been enabled for the taxpayers with PAN based turnover of more than Rs 500 Crores during the financial year 2019-2020.
The traditional invoicing method is paper based and highly intensive, which can lead to many human errors. e-Invoicing solution makes the process easy and automated, thereby ruling out the data errors caused by manual data entry.
For the process of e-invoicing the taxpayer first has to generate an invoice using a manual system or any ERP/accounting system. He then has to upload the invoice details to IRP (Invoice Registration Portal) and get the unique reference number, known as IRN (Invoice Registration Number) generated by the IRP system.
E-Lock e-Invoicing Solution is a very comprehensive and modular solution for compliance with the new e-Invoicing guidelines that are currently mandated for all businesses with annual turnover above a certain amount, and are later supposed to be applicable to all businesses irrespective of their turnover.
The solution is available as a set of modules. Depending on business needs, appropriate modules can be picked and integrated with applications or run stand-alone.