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Tax payers generate 49.5 million e-invoices in first month: Govt

Tax payers generated 49.5 million e-invoices in the first month of the launch of the service, the ministry of electronics and IT said on Monday

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Press Trust of India  |  New Delhi 

tax cut, corporate, taxes, india inc, company, firms, revenue, loss, profit, credit

Tax payers generated 4.95 crore e-invoices in the first month of the launch of the service, the ministry of electronics and IT said on Monday.

Besides e-invoices, 6.41 crore e-way bills were generated in October which was highest in any month since the launch of the service.

"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 ministry of electronics and IT said in a statement.

The e-invoice system was launched on October 1, 2020 as part of the goods and services tax regime for the businesses with aggregate turnover of more than Rs 500 crores in the financial year.

"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," the statement said.

Currently, invoice reference number (IRN) in the national informatics centre (NIC) system can generated through the direct API interface of ERP system of taxpayer with NIC system, API interface of ERP system of the taxpayer through GSP with NIC system and offline tool for bulk uploading of invoices and generating IRNs. Meity said that around 15 per cent of the are using the offline tool for the IRN generations and 85 per cent are integrating through API.

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

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mon, November 02 2020. 16:53 IST
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