Quick Summary
e-Invoice A path breaking initiative completes one month on 31st October More than 495 Lakh e-invoices have been generated on the NIC portal by 27,400 tax payers within the first month of introduction 641 Lakh e-way bills generated during month of October, 2020, highest in a month during two and half years of journey of e-way bill system Path breaking e-invoice initiative which completed one month on the 31stOctober, is poised to revolutionize the way businesses interact with each othe
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FAQ :
More than 495 lakh (49.5 million) e-invoices were generated on the NIC portal within the first month of its introduction.
A total of 27,400 taxpayers utilised the e-invoice system during its initial month.
The e-invoice system was initially launched for businesses with an aggregate turnover of more than Rs 500 Crores in the financial year.
The data captured by the Invoice Registration Portal flows seamlessly to the taxpayer's GSTR1 return on the GST Common Portal, thereby reducing the compliance burden.
There are three main modes: direct API interface with the NIC system, API interface via a GST Suvidha Provider (GSP), and using an offline tool for bulk uploads.
Yes, the government plans to reduce the aggregate turnover threshold to Rs 100 Crores in the coming days, and NIC is developing tools to assist smaller taxpayers.
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