E-invoicing has been in the news recently as the Government of India (GoI) has proposed to make it mandatory for businesses with an annual turnover of INR 100 crore to switch to e-invoices from 1 October 2020. The concept of e-invoicing may be new to Indian taxpayers, but it has been adopted by about 70 countries over the past few decades. Latin American and European countries have been the pioneers in the adoption of e-invoicing. Latin American businesses had adopted business-to-business (B2B) e-invoicing for commercial purposes well before such a move was mandated by the tax administrations in their countries. In Europe, until recently, e-invoicing was mainly geared towards transactions in the public procurement supply chain. “It is expected that by 2025, e-invoicing would be the predominant mode of global exchange of commercial documents such as invoices and debit/credit notes.
Source: PwC IN
