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GTaxPro: A smartsolution for e-invoicing
Implementation of e-invoicingin IndiaIntroduction of e-invoicing is a big move towards digitalisationof the business and commerce landscape. It is aimed atensuring standardisation, uniformity and interoperabilityacross the GST ecosystem, i.e. an e-invoice generated by onesoftware should be capable of being read by any other.To be made mandatory on 1 October 2020, the new systemaims to make invoice reporting an integral part of a businessprocess and eliminate the tedious task of compilation ofinvoices at the end of a return period. As the system allowsreal-time access to tax authorities, it will help in curbing actionsof unscrupulous taxpayers and reducing the number of fraudcases.According to a notification issued by the Central Board ofIndirect Taxes and Customs, the system, in its first phase, isapplicable to registered persons with turnover exceeding INR500 crore. Registered persons with turnover of INR 500 croreand below are expected to be covered in the system in theupcoming phases.With its launch nearing, it is pertinent to immediately andholistically review the existing technological readiness of thebusinesses to cope with the changes and be absolute readybefore timeline.Key features/benefits of e-invoicingThe proposed system envisages uploading of invoices on the Invoice Registration Portal (IRP) that will allot a uniqueInvoice Reference Number (IRN/hash). Primary features of the IRN and IRP model are as follows:Unique IRN willbe assigned toeach invoiceInvoice without IRNwill be invalidIRN will containthree parametersfor generationThe proposedsystemIRP will generateQR code containingIRN along with otherparametersOne-time reportingof B2B invoice datato avoid duplicationof effortAutomation of taxreturn filing process02 GTaxPro: A smart solution for e-invoicingIRP will signinvoices digitallywith private keysElimination of fakeinvoices ensuringavailability of genuineinput tax creditSystem-level matchingof input tax credit andoutput tax
GTaxPro - GST filing made easyGrant Thornton in India has developed GTaxPro, a robust tool to help businesses comply with requirements of e-invoicing as perthe GST law.Key featuresManage multipleGSTINs/profiles forsingle userUploaddocuments inbulkData analytics MIS reports anddashboardIn-sync withupdated Schemaof e-invoicingRectify multipleerrors at one gowith interactive userinterface Data validation Business validation Data filtering andsortingEasy-to-exportdata in MS Excel IRN generatedinvoices Cancelledinvoices Failed invoiceswith errorsSecuretransmissionBenefits Seamless and real-time generation of IRN User-friendly interface Quick on-board on system Archival all tax invoices, debit notes andcredit notes Cloud-based tool accessWhat makes our tooldifferent? Email integration: The system has features thatprovides suitable email integration for various activitiesthat are performed by user Online rectification of errors: Tool provides an option torectify the error on portal itself instead of downloadingthe errors and uploading the updated file again Send PDFs on email: With this feature a user cansend emails with attached PDFs directly to recipientswithin portal Reminders for cancellation of e-invoice: Timer will beavailable for keeping a track on time left for cancellationof invoices within 24 hoursGTaxPro: A smart solution for e-invoicing 03
Our end-to-end service offeringsPhase 1Phase 2Phase 3Phase hodologyPostimplementation Understanding of thecurrent ERP process Invoice template Billing process Modifications in ERP Providing access toGTaxPro Mechanism for B2Cinvoices etc. Testing of the system Training to users Consideration offuture developments/updates Go live with the system Track clarification/information on updates Routine testing,error reporting andtroubleshootingTo know more about our solution, please contact:Vikas VasalKrishan AroraE: vikas.vasal@in.gt.comE: krishan.arora@in.gt.comNational Managing Partner, Tax04 GTaxPro: A smart solution for e-invoicingPartner, Tax
About Grant ThorntonMore than56,000peopleTotal globalgloballyMember firm withinrevenuesUSD 5.72bn(as in 2019)Base in140 Over4,500Internationalpeople15 offices in13 locationsand750 countriesGrant Thorntonofficesone of the largestfully integrated Assurance,Tax & Advisory firms in India6 compelling reasons to consider Grant ThorntonA truly globalorganisation01Proven globalcredentials02A single globalaudit approach0304A different wayof doing businessDeep expertise innon-audit services0506Strong localexpertiseGTaxPro: A smart solution for e-invoicing 05
Contact usTo know more, please visit www.grantthornton.in or contact any of our offices as mentioned below:NEW DELHINEW DELHIAHMEDABADBENGALURUNational OfficeOuter CircleL 41 Connaught CircusNew Delhi 110001T 91 11 4278 70706th floorWorldmark 2AerocityNew Delhi 110037T 91 11 4952 74007th Floor,Heritage Chambers,Nr. Azad Society,Nehru Nagar,Ahmedabad - 3800155th Floor, 65/2, Block A,Bagmane Tridib, BagmaneTech Park, C V Raman Nagar,Bengaluru - 560093T 91 80 4243 0700CHANDIGARHCHENNAIDEHRADUNGURGAONB-406A, 4th FloorL&T Elante Office BuildingIndustrial Area Phase IChandigarh 160002T 91 172 4338 0007th Floor, Prestige Polygon471, Anna Salai, TeynampetChennai - 600 018T 91 44 4294 0000Suite no. 2211, 2nd floor Building2000, Michigan Avenue,Doon Express Business Park SubhashNagar, Dehradun - 248002T 91 0135 2646 500.21st Floor, DLF SquareJacaranda MargDLF Phase IIGurgaon 122002T 91 124 462 8000HYDERABADKOCHIKOLKATAMUMBAI7th Floor, Block IIIWhite HouseKundan Bagh, BegumpetHyderabad 500016T 91 40 6630 82006th Floor, Modayil Centre pointWarriam road junctionM. G. RoadKochi 682016T 91 484 406 454110C Hungerford Street5th FloorKolkata 700017T 91 33 4050 800016th Floor, Tower II,One International Center,S B Marg, Prabhadevi (W),Mumbai - 400 013T 91 22 6626 2600MUMBAINOIDAPUNEKaledonia, 1st Floor,C Wing (Opposite J&J office)Sahar Road, Andheri East,Mumbai - 400 069Plot No. 19A, 7th FloorSector – 16ANoida 201301T 91 120 485 59003rd Floor, Unit No 309 to 312West Wing, Nyati UnitreeNagar Road, YerwadaPune- 411006T 91 20 6744 8800For more information or for any queries, write to us at contact@in.gt.comFollow us @GrantThorntonIN 2020 Grant Thornton Bharat LLP. All rights reserved.“Grant Thornton in India” means Grant Thornton Bharat LLP, a member firm within Grant Thornton International Ltd, and those legal entities which are its related parties as defined by theCompanies Act, 2013.Grant Thornton Bharat LLP, formerly Grant Thornton India LLP, is registered with limited liability with identity number AAA-7677 and has its registered office at L-41 Connaught Circus, New Delhi,110001. References to Grant Thornton are to Grant Thornton International Ltd. (Grant Thornton International) or its member firms. Grant Thornton International and the member firms are not aworldwide partnership. Services are delivered independently by the member firms.06 GTaxPro: A smart solution for e-invoicing
02 GTaxPro: A smart solution for e-invoicing Implementation of e-invoicing in India Introduction of e-invoicing is a big move towards digitalisation of the business and commerce landscape. It is aimed at ensuring standardisation, uniformity and interoperability across the GST ecosystem, i.e. an e-invoice generated by one
