Pre-clearance service for Indian suppliers
What is happening?
After the successful go-live of India’s Invoice Registration Portal (IRP) on October 1, the annual turnover threshold has been steadily reduced from 500 ₹CrRs, to ₹100 CrRs, and in April 2021 ₹50 CrRs. From that date, the invoice reporting obligation applied to businesses with a turnover higher than ₹50 CrRs (on PAN level), who have to report B2B invoice data to the IRP.
According to Finance Secretary Ajay Bhushan Pandey, the e-invoicing system is available for all taxpayers for B2B transactions.
What is Tungsten doing in response?
Tungsten have a pre-clearance service in place and has provided a Web Form modification for Indian small suppliers, enabling them to submit pre-cleared invoice data (outside of TN) so that compliant invoices can be delivered to the Buyers on our network.
What should suppliers in India do next?
Suppliers using Web Form should contact their Tungsten Network representative to find out about our incentive scheme to help their business recover from the effects of Covid-19 on their business.