Indian companies lead in e-invoicing adoption and market penetration among businesses surveyed from six countries, including the US and the UK, according to a study.
Indian companies reported more than 80 per cent of invoices are received electronically, outpacing the global average of 71.5 per cent, claimed the study of 1,720 businesses across six major markets - the US, the UK, France, Germany, India, and Australia.
The study was conducted by tax compliance firm Avalara and the Center for Economics and Business Research (Cebr).
It stated that full-scale adoption of e-invoicing by Indian firms could unlock approximately Rs 32,035.71 crore in annual economic value and save the average Indian business approximately Rs 1.09 crore each year driven by productivity gains, reduced fraud, and faster payments.
"India leads globally in e-invoicing adoption and market penetration, with over 80 per cent of invoices received and 70 per cent issued electronically, outpacing the global averages of 71.5 per cent and 68.2 per cent respectively," the study said.
While many of the early benefits of e-invoicing adoption have been absorbed through government mandates under GST-now applicable to businesses with turnover above Rs 5 crore-India still recorded the highest global satisfaction rate, with 68 per cent of businesses satisfied and 50 per cent extremely satisfied with e-invoicing's performance, the study said.
It also highlighted the need to deepen integration, especially for Micro, Small, and Medium Enterprises (MSMEs), and smaller businesses. The average Indian business adopting e-invoicing processes 3,827 invoices per week, one of the highest globally, the study claimed.
"While compliance has improved, broader B2B integration and MSME and SMB inclusion are now critical to realise the full ₹32,035.71 crores opportunity. E-invoicing must evolve beyond being a tax compliance requirement into a strategic business enabler," Anil Paranjape, General Manager, India Operations, Avalara said.
Indian companies reported more than 80 per cent of invoices are received electronically, outpacing the global average of 71.5 per cent, claimed the study of 1,720 businesses across six major markets - the US, the UK, France, Germany, India, and Australia.
The study was conducted by tax compliance firm Avalara and the Center for Economics and Business Research (Cebr).
It stated that full-scale adoption of e-invoicing by Indian firms could unlock approximately Rs 32,035.71 crore in annual economic value and save the average Indian business approximately Rs 1.09 crore each year driven by productivity gains, reduced fraud, and faster payments.
"India leads globally in e-invoicing adoption and market penetration, with over 80 per cent of invoices received and 70 per cent issued electronically, outpacing the global averages of 71.5 per cent and 68.2 per cent respectively," the study said.
While many of the early benefits of e-invoicing adoption have been absorbed through government mandates under GST-now applicable to businesses with turnover above Rs 5 crore-India still recorded the highest global satisfaction rate, with 68 per cent of businesses satisfied and 50 per cent extremely satisfied with e-invoicing's performance, the study said.
It also highlighted the need to deepen integration, especially for Micro, Small, and Medium Enterprises (MSMEs), and smaller businesses. The average Indian business adopting e-invoicing processes 3,827 invoices per week, one of the highest globally, the study claimed.
"While compliance has improved, broader B2B integration and MSME and SMB inclusion are now critical to realise the full ₹32,035.71 crores opportunity. E-invoicing must evolve beyond being a tax compliance requirement into a strategic business enabler," Anil Paranjape, General Manager, India Operations, Avalara said.
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