The Goods and Service Tax Networks (GSTN) has invited interested and qualified companies to become E-Invoice Registration Partner (IRP), the registrations for which are open till January 15, 2022.
The basic eligibility criteria is that any company / LLP in IT/ ITES/BFSI domain, registered in India for at least 3 years and any Start-up or SME/MSME in IT/ ITES / BFSI domain (startup and SME/ MSME as defined by Govt of India guidelines), registered in India for at least 3 years.
The advantages of having e-invoices are well known and is a step in the direction of transformative digitalization leading to integration of business relevant processes with the tax compliance of the business process flow in India, bringing in overall ease of doing business. With the addition of the new IRPs as partners of GSTN, it is also intended to increase the breadth of e-invoice participation from businesses, such that ALL businesses currently under the mandate of GST can be asked to generate B2B e-invoices. Needless to say, it will necessitate the building of adequate capacity in the e-invoice registration system, to accept and register the e-invoices.
The governance of IRPs, after their on-boarding will be a critical activity that needs to be done by GSTN. The governance of IRP will begin from the on-boarding, guidelines to be provided for operations, provision of minimum levels of service/thresholds, enabling the IRP for beginning the e-invoice registration, monitoring of operations, and so on till the e-invoice operations continue or IRP is off-boarded.
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