Fintech firm IRIS Business Services launches invoice registration portal

Compliance solutions provider and fintech company IRIS Business Services launched an Invoice Registration Portal (IRP), one of the first private government-authorised invoice registration portals, for business-to-business (B2B) and export invoices, among others, it said in a regulatory filing on Tuesday.

Compliance solutions provider and fintech company IRIS Business Services launched an Invoice Registration Portal (IRP), one of the first private government-authorised invoice registration portals, for business-to-business (B2B) and export invoices, among others, it said in a regulatory filing on Tuesday. At present, businesses with an Annual Aggregate Turnover of Rs 10 crore and above are required to generate an Invoice Reference Number.

"We are excited to launch IRIS IRP and look forward to assisting businesses in complying with the GST requirements and making e-invoicing simpler for all," said K Balachandran, cofounder and CFO of IRIS Business Services. To simplify e-invoice implementation throughout the country, the government has given private IRPs like IRIS IRP authority to split the load from the government portal in order to simplify e-invoice implementation, the regulatory filing said.

Along with the core features, the portal will also provide additional features to taxpayers including storing invoice data for longer periods, and printing and sharing invoices with customers and vendors through it. Iris Business Services Limited, an Indian-listed fintech company operating, has been providing compliance, data, and analytics solutions for over two decades.

The company's turnover stood at Rs 61.92 crore in 2021-22 while the net profit stood at Rs one crore. For the nine-month ended December 31, 2022, the company turnover was Rs 53.47 crore, while the net profit at Rs 2.70 crore. 

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