STEPS FOR ROLL OUT OF E-INVOICE
Table of Contents
STEPS FOR ROLL OUT OF E-INVOICE
e-invoicing in GST
➢ What is an e-invoice?
Issue of a tax invoice in an electronic format to the recipient and validated/authenticated by the tax administration before it is transmitted to the receiver.
➢ What are the benefits of e-invoice?
- Standardization
- Eco-friendly
- Automation
- Real-time flow of information
- Lesser compliance cost & burden
Related Topic:
Accounting procedure of e-commerce operators and applicability of sec 52 of GST (TCS)
Points to be considered
Cost: Cost-Benefit Analysis has to be done for all the options and the most viable for the organization should be adopted
Number of Invoices: Quantum of invoices being generated will play a key role in the decision-making process
Number of Locations: the number of locations from where the taxpayer operates also determines.
Network Connectivity: Are there any network issues or a dedicated lase line to be purchased or any other alternatives to be explored
Complexity: Can the Accounting or ERP be easily integrated or requires a patch from the OEM.
Number of Users: Number of users and the qualification of the users also
DECODING THE PROVISIONS
➢ Evaluate the requirements like
- To whom it is applicable
- Which set of transactions
- Effective date
- Which set of documents
- Any gaps in the interpretation
- If required hire external agencies
Impact Analysis
➢ Impact analysis has to be carried out in the following areas
- Impact on transaction processing
- Impact on the current architecture of the product
- Impact on the SOPs
- Impact on the business process
- Impact customizations if any?
- Cost of implementation
- Cost-benefit analysis of customization or third party solution or OEM patch or inhouse development
Implementation Strategy
➢ Implementation strategy
- Inhouse or outsourced
- OEM Solution or third party solution or in house solution
- Allocated dedicated team
- Take budgetary approvals for the cost
- Have a sandbox environment or testing environment
- Detailed test plan for all business cases
- Check the connectivity if multiple locations are involved
Rollout
➢ Rollout strategy
- Execute all the test scripts and see if they are giving desired results
- Verify if all the required data is stored in the system for future reference
- Printing stationery to be modified accordingly
- Verify the updated SOP documentation
- Verify if the print of the tax invoice is proper or not
- The support team for initial days to meet any glitches
- Continuous monitoring for new Jason scheme or changes in APIs
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