goods and service tax
The Indian Government is progressively instituting mandatory e-invoicing for an increasing number of suppliers. Currently, e-invoicing is compulsory for registered persons with an aggregate turnover exceeding INR 100 Crores in a financial year. However, starting from 1st April 2021, e-invoicing will be mandatory for all registered persons with an aggregate turnover above INR 50 Crores in a financial year. This article delineates the provisions surrounding the generation and cancellation of Invoice Reference Numbers (IRN).
Cancellation of an IRN is permissible for invoices that have already been uploaded to the Invoice Registration Portal (IRP) and for which an IRN has been generated. Key reasons for cancellation by suppliers include:
Important guidelines regarding the cancellation of an IRN include:
To cancel an IRN within 24 hours of its generation, suppliers can use one of the following methods:
Follow these steps to cancel an IRN on the e-invoice portal:
Importantly, cancellation through ERP/accounting software using API direct integration or GSP integration with the portal is typically faster and more efficient. In this case, the supplier merely needs to mark the respective invoice as canceled, allowing the software to automatically interface with the Invoice Registration Portal for cancellation.
Understanding the process of IRN cancellation is essential for compliance with the e-invoicing regulations. Adhering to the stipulated conditions and following the proper steps can streamline the cancellation process, ensuring smooth operations for suppliers and adherence to the legal requirements set forth by the Government.