GST e-Invoice completes one month on 31st October

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.

Daily Current Affairs Quiz 2020

Key-Points

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.

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.

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 through GSP with NIC system.

Third is using the offline tool for bulk uploading of invoices and generating IRNs.

Around 15% of the tax payers are using the offline tool for the IRN generations and 85% are integrating through API.