Taxpayers Create 4.95 CRORE GST E-invoices in October 2020

In the first month of the launch of the service, the assessee generated 4.95 crore GST e-invoices said IT and electronics officials. In October 6.41 crore GST e-way bills Know the details on blocking and unblocking e-way bill feature for non-filers of GST return. Also, we solved general queries through important frequently asked questions were generated apart from the e-invoices which reported the highest in all time of the month of launch.

“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,” said the department of IT and electronics.

On October 1, 2020, the 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 was identified as relevant for goods and service administration for businesses with an average turnover exceeding Rs 500 cr in the fiscal year.

“Starting with 8.4 lakh e-invoices on 1st October 2020, the usage has gradually picked up and 31st October 2020 saw a generation of as many as 35 lakh e-invoices in a single day. This coupled with the 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,”

Presently the invoice reference number (IRN) inside the national informatics center (NIC) platform could start via direct API interface of the ERP platform of the assessee via GSP with NIC platform and offline tools for the bulk uploading the invoice and IRN generation 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. Metiy states that nearly 15% of the assessee are using the offline tool for the generation of IRN and 85% are uniting it via API.

“The government is planning to reduce the aggregate turnover cut off to Rs 100 crore for the generation of IRN by the taxpayers in the coming days. NIC has already enabled the API and offline tool based trial sites for these taxpayers and geared up with the required infrastructure to handle the generation of e-invoices from these taxpayers”