It is now three months since the launch of the GST e-invoice system. The system turned out to be the game-changer for all the taxpayers and also for the authorities, it provided easy transition of taxpayers to the new platform.
As per report, After the launch of NIC developed GST e-invoice system Get to know about the new E-invoice generation system on government GST portal with applicability. The system mandates to generate e-invoice for every sale by a registered business more than 37000 taxpayers have generated more than 1680 Lakh Invoice Reference Numbers (IRNs).
Starting from 495 lakhs during October 2020, the generation of e-challan has reached to 589 lakhs in November 2020 and in December 2020 the number was reported as 603 lakhs.
Additionally, the GST e-way bill system Get to know about GST E Way bill and its generating process through online and SMS in a simple manner. Also, we have attached original screenshots of official E way bill portal for better understanding developed by NIC (National Informatics Center) also reported a spike in e-way bill generation for the period started from September to December 2020 as compared to the same months of last few years.
Now if we talk about the performance of the system then it can be observed easily that it worked well and it made generation of IRNs hassle-free in this period.But there are a few thing that need improvement, some common errors have occurred such as repeated requests to the same document number, requests with validation or calculation errors, simultaneous requests to the same document number, etc.
In the response, NIC Help Desk came up with proactive measures, and it helped in reducing the effect of errors, in case of such issues they communicated with taxpayers through emails and telephone calls and suggested corrective measures. NIC also started sending daily updates to the taxpayer about the number and value of IRN generated Know the step by step guide related to generating e-invoice under GST along with benefits. On 37th GST Council Meeting, FM has approved the E-invoice system for traders.
The central government has deducted the aggregate turnover cut off to ₹ 100 crores per year for the generation of IRNs by taxpayers w.e.f January 1, 2021. NIC on the other hand has advanced enabled APIs and offline equipment-based sites for such taxpayers.
NIC has been working with adequate infrastructure to properly manage the e-challans generation process of such taxpayers from January 1, 2021. The NIC portal provides facilities to large taxpayers only having turnover above ₹ 500 crores, to enable direct API access to their suppliers and customers from their platform.
Meanwhile, NIC has developed an offline Excel-based IRN preparation and printing tool named NIC-GEPP tool, specially for small taxpayers. The NIC-GEPP tool will allow taxpayers to enter invoice details, prepare files for uploading on the NIC IRN portal, download IRN with QR code, and print e-invoice with QR code.