NEW DELHI: 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 taxpayers.
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. It will be yet another milestone in India’s journey in enhancing ease of doing business. The data captured by the Invoice Registration Portal will flow seamlessly to GSTR1 return of the taxpayer in GST Common Portal (gst.gov.in), thus reducing the compliance burden.
Starting with 8.4 Lakh e-invoices on 1st October 2020, the usage has gradually picked up and 31st October 2020 saw generation of as many as 35 lakh e-invoices in a single day. This coupled with generation of 641 Lakh e-way bills during the month of October, 2020, (by far the highest in a month during two and half years of journey of e-way bill system), establishes the robustness of the system.
As per the feedback received from the taxpayers, the response of the system is good and generation of IRNs is hassle-free. Proactive communication by NIC Help desk with taxpayers has helped them in finetuning their systems to reduce the errors.
The Government is planning to reduce the aggregate turnover cut off to Rs 100 Crores for generation of IRN by the taxpayers in coming days. NIC has already enabled the API and offline tool-based trial sites for these tax payers and geared up with the required infrastructure to handle the generation of e-invoices from these tax payers.