India’s GST e-invoicing system registered nearly 40 cr invoices in first 6 month
The Indian government’s GST e-invoice system has registered over 39.81 crore e-invoices over its first six months, the government announced today. Over 37.42 lakh of these e-invoices were generated on March 31 alone, which is the highest for a single day in the last six months. Over 47 lakh recipients were involved in these transactions.
The Indian government’s e-invoice system was launched in October last year and required taxpayers whose annual aggregate turnover came in at over Rs. 500 crore to use the system. The government added businesses with turnovers over Rs. 100 crore to this on January 1, 2021. Businesses with turnover of over Rs. 50 crore will also be required to use the e-invoicing system from April 1 onwards, and it’s expected to be extended to all businesses in India eventually.
The e-invoicing system is meant to add transparency to companies’ sales reporting processes and reduce errors. A digital system is also expected to make it much more difficult for companies to file fake invoices. On the other hand, experts have said that the system may pose troubles for small and medium enterprises (SMEs), which don’t always have big technology investments. According to the revised definition of MSMEs, announced last year, the vast majority of small businesses in India fall under this ,
The government’s system requires companies to raise invoices through their own enterprise resource planning (ERP) systems and submit them to the government’s Invoice Registration Portal (IRP). The government said the National Informatics Centre (NIC) has taken “pro-active measures” to educate taxpayers about common errors in reporting their invoice. It also sends daily emails with details of these errors and telephone calls to taxpayers who are making the most errors. An invoice reference number (IRN) with a QR code will also be made available to those who submit their GST invoices.
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