The GST council has notified that every taxpayer with turnover (B2B supplies) above INR 500 crores in a financial year will have to implement e-Invoicing. Under this, the taxpayers have to generate invoices on their internal systems (ERP/accounting/billing software) and then report it online to the ‘Invoice Registration Portal (IRP). The IRP will validate the information provided in the invoices and return the digitally signed e-Invoices with a unique ‘Invoice Reference Number (IRN)’ along with a QR Code in JSON format to the taxpayer.
Source: mastersindia.co
