This new product from ClearTax is meant for those looking for e-invoicing product catering to a variety of businesses by providing convenient solutions for Invoice Reference Number (IRN) generation and e-invoice management. According to the fintech SaaS company for GST compliance, income tax compliance and investment-related products, "The product can be seamlessly integrated with any Enterprise Resource Planning (ERP)."

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The fintech firm adds, "It is highly scalable allowing lakhs of invoices to go through; servers auto scale as per volume encountered. Some of the other features include in-built validations, intelligent analytics, customised template printing and bulk upload."

Recently, CBIC had notified e-invoicing for businesses with annual turnover above Rs.500 crore in FY 2019-20 from October 1, 2020. Such companies must continue to raise tax invoices or debit-credit notes on their respective ERP or billing software. However, while doing so, they must adhere to the schema or template notified by the CBIC on July 30, 2020. They should, in parallel,  register the Business-to-Business (B2B) transaction details with the Invoice Registration Portal (IRP). The portal will verify the authenticity and uniqueness of the invoice, generate an Invoice Reference Number (IRN) along with the QR code, and digitally sign on behalf of the GST Network (GSTN). Thereafter, these e-invoices can be issued to the recipients.

ClearTax says it provides three modes of generating the IRN such as through excel, File Transfer Protocol (FTP/SFTP) and API integration. All these modes need minimal manual intervention. The product also offers value additions to its users such as data archiving facility, insightful reports, real-time notifications, and custom print layouts for issuing the e-invoice.

Archit Gupta, Founder & CEO, ClearTax, said, “E-invoicing will be a game-changer for Indian businesses, it's the UPI moment for digitising businesses and ClearTax is perfectly poised to the massive scale and technology involved. ClearTax’s go-to solutions for GST 2.0, new GST return filing system, combined with its e-invoicing and e-way bill software, will make it easier for customers to remain compliant while also ensuring efficient use of their working capital.”