The B2C e-invoicing implementation will be revolutionising how businesses issue invoices to customers. At present, B2B e-invoicing is mandatory, however, the GST Council is also planning to implement B2C e-invoicing on a voluntary basis.
What is B2C E-Invoicing?
B2C e-invoicing is the process of creating electronic invoices for purchases made by customers. In line with the current GST e-invoice system for B2B transactions, these invoices will be verified by the government’s GST application.
Voluntary Launch of B2C E-Invoicing
The B2C e-Invoicing system’s experimental run would initially cover just specific industries and states. Although there has been no formal publication of the list of sectors and states. However, the PIB’s press statement on September 9th said that B2C e-invoicing will boost the retail sector significantly.
Learn More- How to enable GST e-Invoicing by business?
Needs for B2C E-Invoicing
At present, no such requirements apply for the B2C e-invoicing, however, updates from the CBIC shall be received shortly.
How B2C E-Invoicing Works?
Businesses need to sign up with any one of the six authorised Invoice Registration Portals (IRPs) for conducting reporting for B2C transactions and GST invoices. In these cases, invoices created in such systems as OMS or POS are gathered every day in the ERP. They need to be presented in this form in the IRP – INV-01 for form-01. After the submission, the IRP validates them and issues an Invoice Reference Number (IRN) and QR code. Each business has to send out the e-invoice to the consumers most likely within 48 hours as per the invoice issuance regulations.
Moreover, If you want any other guidance relating to enabling GST e-invoicing and GST return Filing please feel free to talk to our business advisors at 8881-069-069.
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