In the past few years, there have been many changes in the tax system in India. After the introduction of GST few other statutory elements like the E-way bill and E-invoicing were added.
E-invoicing is the process of creating a standard invoice format which is to be followed by all businesses eventually.
At present, E-invoicing has been made mandatory for all businesses with above 500cr turnover n the preceding financial year.
According to the latest update (update as on 10th Nov 2020), all businesses with an aggregate turnover of Rs. 100 crore or more in the previous financial year, have to implement e-invoicing in their billing and ERP software beginning from 1st January 2021.
One misconception about E-invoicing is that some believe E-invoice has to be generated from the GST portal. This is not true. You can use your existing billing or ERP software to generate E-invoice as per the suggested format.
Tally Solutions has introduced E-invoice in Tally which allows Tally users to generate format that is required for E-invoicing as well as E-way bill.
How to create E-invoices from TallyPrime?
E-invoicing is available in the latest TallyPrime version 1.1. If you’re using any of the older versions of Tally, you will not be able to access these features. Renew your TSS to get the latest version with E-invoicing.
Here is a detailed process to be followed in TallyPrime version 1.1for using E-invoicing -
1. Register Tally as your GSP on the IRP.
Go to the IRP, enter your details login to your account. Select API integration with ERP and set your GSP to ‘Tally (India) Private Limited’. Set your username and Password and save it for further usage (You will need these credentials in Tally).
2. Configuration in Tally
Go to configuration in the Sales Voucher screen and enable ‘E-invoicing and E-way bill’ in the ‘GST details’ section of the configuration.
3. Data entry
Create a sales voucher entry with all the important details. After you have filled all details before saving it will show ‘ Do you want to get E-way Bill?’ Click yes and fill out all the information and save it.
4. Press 'Yes'
Now once you save the entry, you will get a prompt asking ‘Do you want to generate an E-invoice?’ Press yes. Now login using the username and password created in the 1st step while registering on the portal. You will get the invoice with the IRN and QR code. Click on print if you wish to take a printout of the same.
Benefits of E-invoicing integration with Tally
- Effortlessly generate E-invoice and E-way bill using GSP
- Flexibility to send all invoices selective or individual invoices to IRP
- Generate an offline JSON file in case of an unforeseen circumstance
- Track the status of every invoice in case of its cancellation, generation, update IRN, etc.
Tally is yet to confirm what will be included in its next update. So stay tuned and keep your TSS (Tally Software Service) updated to get the latest versions of Tally as well as E-invoicing in Tally.