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GST: e-Invoices Cross Rs 39.81 Crores in Six months

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The GST e-invoice system, a game-changer in the GST system, has now completed a six-month journey. During this time, 88,000+ suppliers generated more than 39.81 crores in e-invoice. On March 31, 2021, 37.42 lakh e-invoices were generated, the highest number for a single day in the previous six months.

e-Invoicing, also known as "electronic invoicing," is a system in which GSTN authenticates B2B invoices electronically before allowing them to be used on the common GST portal. The Invoice Registration Portal (IRP), which is managed by the GST Network, will issue an identification number against each invoice under the electronic invoicing system (GSTN).

GST: e-Invoices Cross Rs 39.81 Crores in Six months
 

More than 47 lakh people are involved in these transactions, and they will easily receive Input Tax Credits. The e-invoice system was first made available to taxpayers with an annual aggregate turnover of more than Rs 500 crores on October 1, 2020, and then to those with an annual aggregate turnover of between Rs 100 and Rs 500 crores on January 1, 2021.

National Information Centre (NIC) measures to encourage GST e-invoices

The National Information Centre (NIC) has already given these taxpayers access to the portal and is prepared to handle their generation of e-invoices.

Taxpayers with an annual aggregate turnover of between Rs. 50 crores and Rs. 100 crores are required to generate e-invoices from the portal beginning April 1, 2021, according to a government order.

The NIC has taken proactive steps to educate taxpayers about common mistakes made when reporting e-invoices to the IRP (Invoice Registration Portal). Daily emails with details of the errors are sent, and telephonic calls to taxpayers with a large number of errors are made. Taxpayers can take note of mail-in errors and, with the help of their IT departments, take appropriate corrective action.

For taxpayers, NIC has provided the NIC-GePP tool, which is an offline Excel-based IRN preparation and printing tool.

 

This app assists taxpayers in entering invoice information, preparing the file for upload to the NIC IRP portal, downloading the IRN (Invoice Reference Number) with QR code, and printing the e-invoice with QR code.

NIC has developed a new tool that allows taxpayers to prepare and generate e-invoices using a mobile and web-based form, as part of its ongoing efforts to make doing business easier. This app will assist small taxpayers in creating e-invoices using their mobile devices. This app is currently being tested and will be available soon.

Read more about: gst
Story first published: Friday, April 2, 2021, 10:34 [IST]
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