Mandatory E-invoicing from 1st April: E-invoicing is becoming mandatory from 1st April for businesses with more than 20 crore turnover. Keeping this in mind, Clear has come up with a simple solution.
How to Prepare for Mandatory E-invoicing: The central government has made it mandatory to generate e-invoicing for companies having a turnover of more than Rs 20 crore. This new rule of the Center will come into effect from April 1, 2022. The Central Board of Indirect Taxes and Customs has said that companies with a turnover of more than Rs 20 crore will have to make electronic-invoicing for business-to-business (B2B) transactions from April 1. Under the Goods and Services Tax (GST) Act, with effect from October 1, 2020, e-invoicing for B2B transactions was made mandatory for companies with a turnover of more than Rs 500 crore, which was later extended to those companies. Whose turnover was more than 100 crores.
From April 1 last year, companies with a turnover of more than Rs 50 crore were generating B2B e-invoicing. Now it is being extended to companies with a turnover of more than Rs 20 crore. The new invoicing rule is expected to bring 180,000 more firms under the ambit of GST compliance.
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You can sign up in these 6 easy steps
Keeping this new rule in mind from April 1, Clear has come up with a simple solution. You can take the help of this platform of Clear in 6 easy steps. Let’s know how companies can sign up for Clear e-invoicing.
- Step 1: Go to the link given below and sign up for Clear e-invoicing solution using your email id. https://accounts.cleartax.in/v2?product=einvoice&flow=login
- Step 2: Enter a new password for the email id. Click on the “Agree and Continue” button to agree to the Terms and Conditions.
- Step 3: A verification link is sent to your email address to verify the email. Complete the verification through your inbox. Once verified, you will see that your workspace has been linked to your email ID.
- Step 4: To login to your account securely, you need to enter your phone number and then click on ‘Next’ button. Enter the One Time Password (OTP) sent on the phone number and the verification will be completed on clicking the ‘Submit’ button.
- Step 5: Fill the details like your name, company name, company designation, annual turnover range of the company. Here you have to specify how you want to bring the invoice data into Clear e-invoicing – you can choose to use spreadsheet or save on ERP or integrate.
- Step 6: Now you can successfully login to your account on Clear e-invoicing software solution. To generate IRN for business-to-business (B2B) transactions, you need to add your company’s GSTIN.
(input- cleartax)
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