ClearTax, country's fintech SaaS company for GST compliance, income tax compliance and investment-related products, has launched the best-in-class e-invoicing solution.
ClearTax, country's fintech SaaS company for GST compliance, income tax compliance and investment-related products, has launched e-invoicing solution.
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The e-invoicing product caters to a variety of businesses by providing solutions for IRN generation and e-invoice management. The product can be seamlessly integrated with any ERP, ClearTax said in a statement.
It is highly scalable allowing lakhs of invoices to go through; servers auto scale as per volume encountered, it added
Some of the other features include in-built validations, intelligent analytics, customised template printing and bulk upload.
CBIC has notified e-invoicing for businesses with annual turnover above Rs 500 crore in FY 2019-20 from October 1, 2020. Such companies must continue to raise tax invoices or debit-credit notes on their respective ERP or billing software.
However, while doing so, they must adhere to the schema or template notified by the CBIC on July 30, 2020. They should, in parallel, register the Business-to-Business (B2B) transaction details with the Invoice Registration Portal (IRP).
The portal will verify the authenticity and uniqueness of the invoice, generate an Invoice Reference Number (IRN) along with the QR code, and digitally sign on behalf of the GST Network (GSTN). Thereafter, these e-invoices can be issued to the recipients.
"ClearTax provides three modes of generating the IRN such as through excel, File Transfer Protocol (FTP/SFTP) and API integration. The product offers value additions to its users such as data archiving facility, insightful reports, real-time notifications, and custom print layouts for issuing the e-invoice," it said.
Archit Gupta, Founder and CEO, ClearTax, said, “E-invoicing will be a game-changer for Indian businesses, it's the UPI moment for digitising businesses and ClearTax is perfectly poised to the massive scale and technology involved."
First Published: IST