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India’s GST e-invoicing system registered nearly 40 cr invoices in first 6 month

April 9, 2021 admin Comments 0 Comment

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.

Source: Live.Mint

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GST: NIC issues list of GSTINs on whom E-Invoicing is Mandatory

February 18, 2021 admin Comments 0 Comment

The National Informatics Centre (NIC) has issued a list of GSTINs dated January 27, 2021, for whom e-invoicing shall be mandatory.

There are 73308 GSTNs who are enlisted by the NIC for whom it is mandatory for the taxpayer to upload the invoice details and register supply transaction on the Government Invoice Registration Portal.

‘E-invoicing’ or ‘electronic invoicing’ is a system where the taxpayer will upload his invoice details and register his supply transaction on the Government Invoice Registration Portal (IRP) and get the Invoice Reference Number (IRN) generated by the IRP system.

The taxpayer will first prepare and generate his invoice using his ERP/accounting system or manually and then upload these invoice details to IRP and get the unique reference number, known as IRN.

It is noteworthy that the e-invoice does not mean preparation or generation of taxpayer’s invoice on the government portal. It is only intimating the government portal that invoice has been issued to the buyer, by registering that invoice on the government portal.

Source: TaxScan.

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GST News: E-way bill system in GST to come from October

July 10, 2017 admin Comments 0 Comment

E-Way Bill : GST

The GST provision, requiring any good more than Rs 50,000 in value to be pre-registered online before it can be moved, is likely to kick in from October after a centralised software platform is ready, a top official said. The provision, called the e-way bill, would be implemented after infrastructure for smooth generation of registration and its verification through hand-held devices with tax officials is ready.

The information technology platform for the e-way bill system is being developed by the National Informatics Centre (NIC) along with GST-Network — the company which has developed the IT backbone for the new indirect tax regime.

The Centre has also decided to relax the timeline provision under which the e-way bill generated by GSTN for 20 days for goods travelling more than 1,000 km. Earlier, this was 15 days.

As per the provision, GSTN would generate e-way bills that will be valid for 1-20 days, depending on distance to be travelled — one day for 100 km, 3 days (100 to less than 300 km), 5 days (300-less than 500 km) and 10 days (500-less than 1,000 km).

The GST Commissioner may extend the validity period of e-way bill for certain categories of goods. “We hope the e-way bill can be implemented in three months time as by then, we hope to develop the infrastructure for consolidated e-way bill,” a top official said.

Although the Goods and Services Tax (GST) has been rolled out from July 1, a centralised e-way bill could not be implemented as the rules and forms were not ready. “The e-way bill rules may be taken up in the next meeting of the GST Council on August 5. After the rules are in place, the NIC and GSTN would develop an all India platform for a consolidated system,” another official said.

Since states like West Bengal, Kerala, Bihar, Odisha and Andhra Pradesh already had a robust e-way bill system, the GST Council in its meeting last month has allowed the states having e-way bill rules to continue with the existing form till a central format is built.

Originally, GSTN was to develop the e-way bill platform, but last month only the GST Council decided to rope in NIC to develop it since it was felt that in the initial days of GST roll out, GSTN would be busy with other works like solving issues like registration and invoice generation.

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The draft e-way bill rules, which was made public in April, provide that the person in-charge of conveyance will be required to carry the invoice or bill of supply or delivery challan, and a copy of the e-way bill or the e-way bill number, either physically or mapped to a Radio Frequency Identification Device (RFID) embedded on to the conveyance.

The rules authorise the tax commissioner or an officer empowered by him on his behalf to intercept any conveyance to verify the e-way bill or the number in physical form for all inter-state and intra-state movement of goods. Physical verification of conveyances can be carried out on specific information of evasion of tax, as per the rules. The officer will be required to submit a summary report of every inspection of goods in transit within 24 hours and the final report within three days of inspection.

Physical verification of conveyances can be carried out on specific information of evasion of tax, as per the rules. The officer will be required to submit a summary report of every inspection of goods in transit within 24 hours and the final report within three days of inspection.

The officer will be required to submit a summary report of every inspection of goods in transit within 24 hours and the final report within three days of inspection.