Navigate E-invoicing is the latest addition to PwC’s Navigate Tax Suite, which effectively equips organisations to navigate through the statutory requirements recently introduced by the Government in this regard.
The Solution provides a complete end-to-end framework for managing the new Invoice Reference Number (IRN) related compliances for users. It integrates with existing ERP systems ensuring a seamless and smooth transition with minimum changes to current processes. The tool also integrates with other PwC Navigate Tax solutions and has several additional in-built validations to ensure that potential errors are flagged off in advance and return filings are accurate.
The GST Council has approved introduction of 'e-invoicing' or 'Electronic invoicing', which is applicable to specified categories of persons, in a phased manner, starting from January 2020. The e-invoicing system contemplates electronic reporting to and authentication by GSTN of the B2B invoices.
The Central Board of Indirect Taxes and Customs has also issued several notifications to bring into effect provisions governing e-invoicing and Quick Response (QR) code generation from 1 April 2020. The key features of the aforesaid provisions are summarized below:
Going by the GST experience, compliance challenges are likely to persist in view of the evolving regulations. E-invoicing is a major change in a business critical process, necessitating a holistic review of existing IT systems and processes. Businesses need to evaluate their technology readiness to ensure that they have reviewed all possible impacted touchpoints, are geared up to cope with these changes, as well as have a strategy for change management of relevant stakeholders. To address the complexities associated with the above, it is critical that you start preparing on immediate basis to be ready in time to meet the 1 April 2020 deadline.
PwC has been at the forefront in tax technology services and has consistently invested in building its expertise in evolving technologies. We now have a wide bouquet of tax technology for effectively addressing varied tax processes ranging from tax compliances to advanced and predictive analytics. PwC's GST Solution and E-way Bill Solution have helped thousands of clients, including several market leaders across industries, to navigate the evolving digitally enabled tax landscape with ease, making it the preferred technology partner. Navigate E-invoicing along with tax/technology expertise offers a one stop shop to address all the compliance requirements associated with this new regulation.
Tax Technology Leader, PwC India
Tel: 0124 330 6518
Partner, Tax and Regulatory Services, PwC India
Tel: 0124 330 6533