👍👍👍Clear starts GST e-invoicing generating services for large taxpayers | Business Standard News

Clipped from: https://www.business-standard.com/article/economy-policy/clear-starts-gst-e-invoicing-generating-services-for-large-taxpayers-123030600741_1.html

Firm says since the infrastructure is largely digital, it is simultaneously affordable, scalable, modern, secure and pervasive

GST

Companies across the country can now generate their e-invoices under the goods and services tax (GST) on the invoice registration portal (IRP) launched by Clear (formerly ClearTax).

Earlier, companies could generate these invoices only on the NIC portal. However, GSTN had launched e-invoice registration services through private IRPs earlier this year, on the recommendation of the GST Council.

Four private companies–Clear, Cygnet, E&Y and IRIS Business Ltd–were empaneled by GSTN for providing these services. Of these, Clear has now launched its IRP services.

The government expects a large number of electronic invoices to be generated through private IRPs.

“Clear will build the best system imaginable with functionality for the largest businesses as well as the smallest businesses and also for technology companies serving India. Our infrastructure will simplify the operational challenges, and will allow tax compliance to become seamless,” the company said.

Archit Gupta, founder and CEO, Clear, said, “This infrastructure will be largely digital and therefore be affordable, scalable, modern, secure and pervasive at the same time. The government authorities are creating a great partnership with private players to bring this vision to life.”

Gupta added that these digital innovations will facilitate ease of business and fuel innovation at both, the individual and the company level.

Companies and other taxpayers with an annual turnover of over Rs 10 crore are required to generate e-invoices for B2B transactions. The e-Invoice system is for uploading all B2B invoices to the IRP. The IRP generates and returns a unique Invoice Reference Number (IRN), digitally signed e-invoice and QR code to the user.

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