E-Invoice in Tally Prime

The GST E-invoicing is going to be mandatory for firms with a turnover of Rs. 5 crores or more from 1st January 2023

Uniformity in Indian Business Sector is taking its shape with the reforms in the tax system in India in past few years.

Now businesses with an annual turnover of over Rs 5 crore will have to move to e-invoicing under goods and services tax (GST) from January 1, 2023. 

From October 1, 2022 businesses having aggregate annual turnover of Rs 10 crore and above have moved to e-invoicing for business-to-business (B2B) transactions.

With this 5 crore limit, more suppliers would be required to raise e-invoices with effect from January 1, 2023. If the invoice is not valid, input tax credit on the same cannot be availed by the recipient besides applicable penalties.

E-invoicing prescribes a standardized format of the invoice which can be read by a machine. It is a system in which B2B (Business-to-Business) invoices are authenticated electronically by GSTN (Goods & Services Tax Network).

E-invoice / E-way Bill in Tally Prime

The new Tally Prime has introduced E-invoice in Tally which allows Tally users to generate the format that is required for E-invoicing as well as E-way bills.

Tally is a recognized GST Suvidha Provider (GSP), to communicate directly with the IRP Tally Prime uses the GSP route.

• You can directly send your invoices to the IRP through Tally Prime.
• Once the invoices are authenticated by the IRP, Tally Prime receives the IRN directly from the IRP and converts it into a QR code along with other information & updates your invoices accordingly.
• All you need to do is simply print the QR code on your invoice. You also have an option to print the IRN.
• Tally Prime can also assist to generate an e-way bill number & also to record it in your invoice by obtaining the information directly from the IRP. With the process mentioned above, you won’t ever need to go anywhere else for e-invoicing!
• Tally Prime also offers an E-invoice exclusive report that will give you a bird’s eye view of the status of all your transactions with respect to e-invoicing.
• You can check the status of your e-invoices instantly.
• IRN (Generation/Cancellation) for applicable invoices.
• Override the status of your invoices manually.
• Deleting IRN information including the QR code & creates a fresh one if required. Access to useful alerts for complete control to prevent redundancy and ensure the updated data is shared with the e-invoice portal Tally Prime offers timely alerts in multi-user scenarios.
• These alerts also help in safeguarding accidental modification, deletion & cancellation of generated Invoice Reference Numbers for a particular transaction.

Benefits of E-invoice

• Interoperability of the data across different GST systems (IRP, e-way bill, GSTIN)
• Reduces reporting of the same invoice details multiple times
• Auto-population of e-invoice details in GST returns and e-way bill
• Real-Time tracking of invoices
• Confirmed ITC eligibility
• Substantial reduction in input credit verification
• Prevents errors and fraud
• It Saves Time and effort to file returns

Get ready to enjoy the e-invoice experience and you will be pleasantly surprised with the seamlessly unmatched detection, prevention & correction capabilities of Tally Prime.