E-INVOICE

  • November 3, 2020
  • Posted by: OptimizeIAS Team
  • Category: DPN Topics
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Subject : Economy

Context : e-Invoice, a path breaking initiative completes one month on 31st October.

Concept :

  • The e-invoice system under goods and services tax (GST) was launched on October 1, 2020 for the businesses with aggregate turnover of more than Rs 500 crore in the financial year.
  • 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 tax payers.
  • Currently, there are three modes of generations of IRN(Invoice Reference Number) in NIC system.
  • First is the direct API interface of ERP(Enterprise Resource Planning) system of tax payer with NIC system.
  • Second is the API interface of ERP system of the tax payer through GSP with NIC system.
  • Third is using the offline tool for bulk uploading of invoices and generating IRNs.
  • Around 15% of the tax payers are using the offline tool for the IRN generations and 85% are integrating through API.
E-INVOICE economy