Tax Payers Generate 4.95 Crore E-invoices in First Month of Service Launch: Govt

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Tax payers generated 4.95 crore e-invoices within the first month of the launch of the service, the ministry of electronics and IT stated on Monday. Moreover e-invoices, 6.41 crore e-way payments have been generated in October which was highest in any month because the launch of the service.

“In response to NIC, throughout the first month of introduction itself, greater than 495 lakh e-invoices have been generated on the NIC portal by 27,400 taxpayers,” the ministry of electronics and IT stated in an announcement. The e-invoice system was launched on October 1, 2020 as a part of the products and providers tax regime for the companies with combination turnover of greater than Rs 500 crores within the monetary 12 months.

“Beginning with 8.4 lakh e-invoices on 1st October, 2020, the utilization has progressively picked up and thirty first October, 2020 noticed era of as many as 35 lakh e-invoices in a single day. This coupled with era of 641 lakh e-way payments through the month of October, 2020, (by far the best in a month throughout two and half years of journey of e-way invoice system), establishes the robustness of the system,” the assertion stated.

At the moment, bill reference quantity (IRN) within the nationwide informatics centre (NIC) system can generated by way of the direct API interface of ERP system of taxpayer with NIC system, API interface of ERP system of the taxpayer by way of GSP with NIC system and offline instrument for bulk importing of invoices and producing IRNs.

Meity stated that round 15 per cent of the taxpayers are utilizing the offline instrument for the IRN generations and 85 per cent are integrating by way of API. “The federal government is planning to scale back the mixture turnover reduce off to Rs 100 crore for era of IRN by the taxpayers in coming days.

NIC has already enabled the API and offline instrument based mostly trial websites for these taxpayers and equipped with the required infrastructure to deal with the era of e-invoices from these taxpayers,” the assertion stated.