- This 2021, Say Hello to E-Invoicing!
As per CBIC, E-Invoicing is made mandatory (from 1 Jan 2021) for B2B transactions for the Business Owners or TaxPayers with an annual turnover of over Rs.100 crore! Heading back to 1 October 2020, the same law has already been issued for businesses with an annual turnover of over Rs.500 crore.
If we move over to the history of E-Invoicing from different parts of the world, we will find that, over the last three decades, around 25+ countries have started building their network for the implementation of E-Invoicing. India, be the next in this digital revolution!
Though mid-sized businesses might find E-Invoicing as a new challenge and chaos is bound to happen, it can actually help them take their working efficiency to a certain elevated level!
So, why should Businesses embrace E-Invoicing?
With the elimination of certain hassles that Businesses face, E-Invoicing certainly will provide advantages that would smoothen up the transaction process. These advantages include:
Advantages of eInvoicing
- Regular Payment Cycles
- Promotes Transparency
- Real-time Data Tracking
- Simplification of Compliance Landscape (GST Compliance)
- Enhanced Data Security
- Better Buyer-Supplier Relationship
- Less prone to human error
With eInvoicing made a reality now, benefits like increased efficiency, accuracy, and cost savings have seen tremendous growth. Not only this, eInvoicing has enabled both SMEs to open the door for businesses across India with streamlined operations and the elimination of paper!
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