We are E-Invoice Ready
The Government notified the implementation of e–invoice from 1st January, 2021 for organizations having turnover of over 100 crore in the previous financial year. But the real question is, is the industry ready for it? I am particularly talking here about the transport and logistics industry as our LOZICS ERP is used by this industry.
I spoke to several customers for implementation of an e-invoicing system, but they have no idea whether it’s applicable in their industry or not? Logistics industry some businesses are charging the GST at nil rate, few are charging at 5% and very less companies are charging 12% GST. Few GST consultants are in view that the e-invoice system is mandatory for only those companies who are charging GST at 12%.
Although LOZICS has come up with a single point, integrated e-invoicing solution. The ERP system provides a button in invoicing process to upload the invoice on GST portal and receive the acknowledgement number and QR code from the destination site. The QR code is also printed on the invoice. This feature will save additional manpower cost of transport companies while maintaining a high level of accuracy within a minimum time frame.