GST e-invoice system: 495 lakh e-invoices generated on NIC portal
New Delhi: Ministry of Electronics & IT has mentioned that over 495 lakh GST e-invoices have been generated on the NIC portal by 27,400 tax payers inside the first month of introduction.
“Path breaking e-invoice initiative which completed one month on the 31st October, is poised to revolutionize the way businesses interact with each other. According to NIC, within the first month of introduction itself, more than 495 Lakh e-invoices were generated on the NIC portal by 27,400 tax payers. The e-invoice system, the game changer in the GST system, was launched on 1st October, 2020 for the businesses with aggregate turnover of more than Rs. 500 Crores in the financial year,” an official launch mentioned.
It shall be one more milestone in India’s journey in enhancing ease of doing enterprise. The information captured by the Invoice Registration Portal will move seamlessly to GSTR1 return of the tax payer in GST Common Portal (gst.gov.in), thus decreasing the compliance burden, the discharge mentioned.
Starting with 8.4 Lakh e-invoices on 1st October, 2020, the utilization has steadily picked up and 31st October, 2020 noticed technology of as many as 35 lakh e-invoices in a single day. This coupled with technology of 641 Lakh e-way payments through the month of October, 2020, (by far the very best in a month throughout two and half years of journey of e-way invoice system), establishes the robustness of the system. As per the suggestions obtained from the tax payers, the response of the system is sweet and technology of IRNs is hassle-free. Proactive communication by NIC Help desk with tax payers has helped them in finetuning their techniques to cut back the errors.
Currently, there are three modes of generations of IRN in NIC system. First is the direct API interface of ERP system of tax payer with NIC system. Second is the API interface of ERP system of the tax payer by GSP with NIC system. Third is utilizing the offline software for bulk importing of invoices and producing IRNs. Around 15% of the tax payers are utilizing the offline software for the IRN generations and 85% are integrating by API.
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The Government is planning to cut back the mixture turnover lower off to Rs 100 Crores for technology of IRN by the tax payers in coming days. NIC has already enabled the API and offline software primarily based trial websites for these tax payers and equipped with the required infrastructure to deal with the technology of e-invoices from these tax payers.
Keeping necessities of small tax payers in view, who want to organize 5-10 B2B invoices in a day, NIC can be creating an offline Excel primarily based IRN preparation and IRN printing software which can enable them to enter the bill particulars, put together the file to add on NIC IRN portal, obtain the IRN with QR code and print the e-invoice with QR code.
Presently, the technology of IRN utilizing API interface is allowed for companies with combination turnover greater than Rs 500 crores, GSPs and shortlisted ERPs. Now, direct entry shall be prolonged to the tax payers utilizing E-way Bill API interface. Generally, the massive companies will allow their suppliers and shoppers to make use of their ERP/SAP techniques for technology of invoices. Therefore, it has been determined to facilitate them to allow their suppliers and shoppers to make use of their integration channels.
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