Congratulations! If your company or distributor’s yearly turnover has clocked more than 20 crores since 2017-18, you’ve now officially made it to the club of e-invoicing.
Electronic or e-invoicing is a process by the Indian government, where invoices of B2B businesses get digitally recorded and authenticated for GST purposes.
With this new mandate of a 20 crore turnover limit, which was earlier 50 crores in 2021 and 100 crores in 2020, the government is optimistic about getting around 70-80% more GST registrations.
But for most businesses, GST just continues to give them bad days.
The new rule has put the largest chunk of taxpaying companies in a race against time to get their tax filing in place. Some are looking for managers, while others are looking for solutions that can help smoothen the process.
But does that truly solve the problem? No and Never.
Managers and financial solutions can only reduce errors.
There would still be the need to “get the invoices created” and the question of “Was it the right invoice”.
Imagine facing these problems time and again for the thousands and lakhs of invoices created every year.
It will only increase the company’s financial woes and give a throbbing headache to your finance teams.
Moreover, for every incorrect invoice filed, companies will need to pay a penalty of up to INR 25,000, while the charges for not creating e-invoices will be up to INR 10000 per e-invoice.
So, what’s the best cure?
Think rationally. Think retail technology.
100% automated and error-free e-invoicing is only possible when e-invoices can be generated at the same moment when the original invoices are created.
This means, every time your company creates a new invoice, your e-invoice would get created by default.
No complex financial tools, no managers. Just retail technology that gets all your e-invoices in place automatically.
Sounds like a great solution? Check it out yourself and see how Bizom can help you upgrade to a fully-automated e-invoicing system to meet your GST compliances while ensuring no loss of historical data.
Request a free demo to explore the benefits of Bizom e-invoicing or mail us at firstname.lastname@example.org to schedule a discussion with our team.