Electronic Billing in India Mandatory From 1 OCTOBER 2020

by Ritu Kaushik Consultant

E-Invoicing is a new form of invoice that is being introduced by most countries in the world. E-Invoicering is a new form of the bill that has been designed to make life easier for the clients, as well as the accounting professionals.

E-invoice will now apply to companies that have an annual turnover exceeding INR 500 million, starting from October 1, 2020. The primary objective of introducing e-invoice in India is to facilitate the machine-readable nature of bills, and seamless interoperability among different billing systems. These bills can also be created with a high level of accuracy. This means that the amount written on an invoice will be the same as what was paid. With this, the chances of getting cheated out of money increases, especially in the case of smaller businesses.

The process of creating an E-invoice starts with a bill number and a bill title. This number or title can be either of the names of the company, or the full name of the customer. The payment service provider then submits this information to the electronic banking department.

The next step is the incorporation of the electronic billing system. The billing process is then converted into an electronic format so that it is readable by the client. Once the billing process is converted into an electronic format, the invoicing software can process the payments through the computer and send them to the bank account of the customer. The billing software can also process the returns and payments automatically, depending upon the rules laid down by the billing department of the company. This can be done automatically or manually depending upon the business needs.

The main advantage of e-Invoicering is the ease with which the client can process his/her payments through electronic billing. Since this is done electronically, the chances of fraud are very less. The only thing that is required is that the customer should accept the bill. and pay the bill.

The major advantage of this billing process is that the bill is sent directly to the bank account, rather than the customer's account. This ensures that the customer does not pay any more interest and service charges, and the amount that has already been billed is not charged again.

Another major advantage is that online billing software does not require a paper trail. This means that the customer does not need to file returns or requests for further proof of the payment. This helps to save the company valuable resources. Since this is an online process, the customer can easily do the transactions on the World Wide Web, without having to physically visit the office of the bank. The payment and return can also be made through credit cards online.

When the customer gets a bill that he can understand, he can process it easily. The bill will contain all the essential information including the names and addresses of the customers, the type of accounts, the total balance, the total amount of the loan taken and other relevant details.

Electronic Billing India is not only mandatory from 1 OCTOBER 2020, but it has become the standard for all the financial companies. This is because the cost of the service has been reduced significantly, and it offers better results than traditional methods. Also, it saves the company valuable time and effort, since it does not require the physical presence at the office of the bank.

The electronic billing in India also allows companies to provide their customers with an online form that can be easily filled up by the customer. It also gives the company the flexibility to customize the forms to suit the requirement of the company.

In order to get a list of companies that are providing e-billings to customers in India, a company can contact the banks or other financial institutes and can ask them to provide a list of companies that offer this service. They will give you a list of companies who are using this service and their address.