Home Business 641 lakh e-way bills generated in October

641 lakh e-way bills generated in October

by BQ News Bureau
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Path-breaking e-invoice initiative, which completed one month on the October 31, is poised to revolutionize the way businesses interact with each other, according to the NIC.  Within the first month of introduction, more than 495 lakh e-invoices were generated on the NIC portal by 27,400 taxpayers. The e-invoice system, the game-changer in the GST system, was launched on October 1 for businesses with an aggregate turnover of more than Rs.500 crore in the financial year.

Starting with 8.4 lakh e-invoices on October 1, the usage gradually picked up and October 31 saw the generation of as many as 35 lakh e-invoices in a single day. Totally, 641 lakh e-way bills were generated in October. As per the feedback received from taxpayers, the response of the system is good and the generation of IRNs is hassle-free.  Proactive communication by NIC Help Desk with taxpayers has helped them in finetuning their systems to reduce errors.

Currently, there are three modes of generations of IRN in the NIC system. First is the direct API interface of the ERP system of the taxpayer with the NIC system. Second is the API interface of the ERP system of the taxpayer through GSP with NIC system. The third is using the offline tool for bulk uploading of invoices and generating IRNs. Around 15% of the taxpayers are using the offline tool for IRN generation and 85% are integrating through API.

The government is planning to reduce the aggregate turnover cut off to Rs 100 crore for the generation of IRN by 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.

Keeping requirements of small taxpayers, who need to prepare 5-10 B2B invoices in a day, in view, NIC is also developing an offline Excel-based IRN preparation and IRN printing tool which will allow them to enter the invoice details, prepare the file to upload on NIC IRN portal, download the IRN with QR code and print the e-invoice with QR code.

 

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