Our generation has witnessed the biggest and some of the most revolutionary transformations. With the digitization in industries, “E” has become a common prefix of recent times. Thus, you will be able to find the most common terms that we use daily like E-banking, E-ticketing, E-mail, E-commerce, and so on. In such transformations, even the Government tax departments are no exception.
Digitizing the tax filing for business and individual taxpayers has truly become a reform. Thus, revolutionizing the overall tax ecosystem by including transparency, security, agility and efficiency. Therefore the rise of E-invoicing starts from here.
Introduction of GST in India
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There is no denying that the Goods and Services Tax has been recently introduced. Everyone is pretty much aware of it. Implementation of GST is among the most significant reforms that have happened in Independent India. Since this system has brought transparency to businesses, it is mandatory. The riddance and transparency that has been offered to businesses are noteworthy.
GST introduction has also given sleepless nights to businesses. Conforming to the tax regime was the biggest challenge. Even when advanced ERP SAP Business One made it relatively smooth, the challenge is still there. Since the government is planning to make the tax system even more transparent, E-invoicing can be the solution.
What is e-invoicing?
E-invoicing refers to the service that enables electronic verification. Businesses can perform the steps on the GSTN portal by GSTN for processing. Immediately after the creation of an invoice on the e-invoicing system, it gets uploaded to the GSTN portal. The Invoice Registration Portal assigns a new and unique IRN or Invoice Reference Number.
This new and improved system can be a lot helpful to improve transparency. Every related information will be shared with the e-way bill portal and GSTN portal. Therefore, it can also eradicate the need for GST return manual filing.
Prime Benefits of New Reform:
- Every invoice made by this new system will be created on software. It means that the authority can read it easily and enables other software to interpret it seamlessly. Therefore, it reduces the chance of manual entry errors.
- It makes sure to make real-time tracking of the invoices.
- It ensures quick GST credit calculations.
- It automates the different tax processes by automatically retrieving invoice details.
- Updates of Supplier’s Annz 1, recipient’s Anx 2, and e-waybill Part A happen simultaneously.
Cogniscient Ensures Seamless E-Invoicing Integration with SAP Business One
They comprehend the challenge faced by individuals and businesses after a revolutionary amendment. Thus, being a Gold Partner, Cogniscient Business Solutions ensures to fulfill the modern need. Besides, in today’s dynamic scenario, they follow the best practices and standards to help B2B achieve their short and long-term goals.
The introduction of a plugin for E-Invoicing Integration with SAP Business One by CBS ensures a seamless integration. Thus, They can make your SAP Business One ready for the new standard according to PEPPOL standard. The plugin has been designed to interact with the GSTN portal. This giant leap can be a solution for organizations that don’t want to deal with glitches and inaccuracies.