Edited By: Mohd Haris
Last Updated: March 06, 2023, 14:15 IST
The threshold for e-invoicing is lowering in phases and soon it may get applicable to all businesses.
Businesses with an annual aggregate turnover of Rs 10 crore and above are required to generate IRN (invoice reference number).
Compliance solutions provider IRIS Business Services has launched the IRIS Invoice Registration Portal (IRP), one of the first private invoice registration portals authorized by the government to authenticate B2B and export invoices along with credit and debit notes, for goods and services tax (GST). .
“We are excited to launch IRIS IRP and look forward to assisting businesses in complying with the GST requirements and making e-invoicing simpler for all,” said K Balachandran, co-founder and CFO of IRIS Business Services. Public infrastructure build out is catching international attention.
“The e-invoicing mandate and private IRPs are part of this story. IRIS is proud to be associated with this important initiative,” said Balachandran.
Currently, businesses with an annual aggregate turnover (AATO) of Rs 10 crore and above are required to generate IRN (invoice reference number). The threshold for e-invoicing is lowering in phases and soon it may get applicable to all businesses.
To simplify e-invoice implementation throughout the country, the government has given private IRPs like IRIS IRP authority to split the load from the government portal in order to simplify e-invoice implementation.
Gautam Mahanti, business head at IRIS Tax Tech, said, “The digital rails for powering a $10 trillion economy will run through IRP portals which will facilitate e-invoicing resulting in a faster and more transparent exchange of invoices while minimizing tax leakages.”
Mahanti added that IRIS has been working with RBI for a decade and more to bring digital transformation in the Indian banking regulatory reporting space and is now proud to be associated with GSTN in this epoch journey which is hailed as the next ‘UPI’ moment for commerce transactions.
Mahanti also expressed gratitude to the entire team at GSTN for their unwavering support throughout.
IRIS IRP offers e-invoice generation facilities to businesses as well as solution providers and fintech partners. Business entities have four different ways through which they can access these facilities – via APIs, Web Portal, Excel Utility, and Mobile App.
The registration process on the portal for the user is quite simple. Any user with mere Email Id or Mobile number can create his account on IRISIRP portal and onboard his GSTIN with OTP sent on mobile number/email id of authorized signatory. Once user account is created and GSTIN is on boarded, user is all set to generate e-invoice.
Along with core features of generation, fetching and cancellation of e-invoices, IRIS IRP also provides additional VAS features to tax payers such as seamless user journey of onboarding and registration directly from billing/accounting systems, storing invoice data for longer periods, and printing and sharing invoices with customers and vendors through the platform, etc.
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