Edited By: Mohammad Haris
Last Updated: March 06, 2023, 14:15 IST
The threshold for e-invoicing is reducing in phases and shortly it might get relevant to all companies.
Businesses with an annual mixture turnover of Rs 10 crore and above are required to generate IRN (bill reference quantity)
Compliance options supplier IRIS Business Services has launched the IRIS Invoice Registration Portal (IRP), one of many first personal bill registration portals authorised by the federal government to authenticate B2B and export invoices together with credit score and debit notes, for items and companies tax (GST).
“We are excited to launch IRIS IRP and sit up for aiding companies in complying with the GST necessities and making e-invoicing easier for all,” said K Balachandran, co-founder and CFO of IRIS Business Services. He added that the Indian digital public infrastructure build out is catching international attention.
“The e-invoicing mandate and private IRPs are part of this story. IRIS is proud to be associated with this important initiative,” stated Balachandran.
Currently, companies with an annual mixture turnover (AATO) of Rs 10 crore and above are required to generate IRN (bill reference quantity). The threshold for e-invoicing is reducing in phases and shortly it might get relevant to all companies.
To simplify e-invoice implementation all through the nation, the federal government has given personal IRPs like IRIS IRP authority to separate the load from the federal government portal as a way to simplify e-invoice implementation.
Gautam Mahanti, enterprise head at IRIS Tax Tech, stated, “The digital rails for powering a $10 trillion financial system will run by means of IRP portals which is able to facilitate e-invoicing leading to a sooner and extra clear trade of invoices whereas minimising tax leakages.”
Mahanti added that IRIS has been working with RBI for a decade and more to bring digital transformation in the Indian banking regulatory reporting space and is now proud to be associated with GSTN in this epoch journey which is hailed as the next ‘UPI’ moment for commerce transactions.
Mahanti also expressed gratitude to the entire team at GSTN for their unwavering support throughout.
IRIS IRP offers e-invoice generation facilities to businesses as well as solution providers and fintech partners. Business entities have four different ways through which they can access these facilities – via APIs, Web Portal, Excel Utility, and Mobile App.
Registration process on the portal for the user is quite simple. Any user with mere Email Id or Mobile number can create his account on IRISIRP portal and onboard his GSTIN with OTP sent on mobile number/email id of authorised signatory. Once user account is created and GSTIN is on boarded, user is all set to generate e-invoice.
Along with core features of generation, fetching and cancellation of e-invoices, IRIS IRP also provides additional VAS features to tax payers such as seamless user journey of onboarding and registration directly from billing/accounting systems, storing invoice data for longer periods , and printing and sharing invoices with customers and vendors through the platform, etc.
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