Businesses will be required to confirm and authenticate the invoices by the government site with the implementation of the e-Invoice concept. Before discussing how to switch to a new e-invoicing system, let's first examine the current procedure.

According to the most recent information, starting on October 1, 2022, enterprises with a turnover of more than 10 crores would be required to use electronic invoicing.

GST current practice against e-invoicing?

These days, all businesses large or small create invoices using different accounting/ERP software, and some even do so manually. These invoice information are provided in GSTR 1 by the supplier, and GSTR -2A gives the buyer access to the invoices that have been posted.

The way that invoices are currently generated and reported will change with e-invoicing. B2B invoices must be electronically validated by IRP according to e-Invoice (Invoice Registration portal).

A unique identifier called a "Invoice Registration Number (IRN)" is generated for each invoice uploaded when the required e-invoice data in the prescribed format (JSON) is uploaded to the IRP system and validated. The e-invoice also has an IRN and a QR code for use by other government websites like GSTN or the E-Way Bill portal.