GST E-Invoice System – Key Statistics, Features, Genesis

E-Invoice System

e-Invoicing under GST, is a game changer system. The system involves reporting of the B2B and Export invoices being issued by the taxpayers to their customers, on the government portal and obtaining a unique Invoice Reference Number (IRN). Its a faceless system with major thrust on API integration so that the eco-system can exchange the data electronically. The e-Invoice Portal returns the Signed QR code and Signed invoice back to the taxpayers. The standardized e-invoice format, based on international standard (UBL/PEPPOL), has led to machine readability, enhanced interoperability and uniform interpretation in the entire eco-system.

• Request for IRN Generation by Supplier
• Supplier Receives IRN, Signed Invoice & QR Code and e-Way Bill (optional)
• E Invoice shared with GST Department and Transporter
• Transporter uses IRN details
• E Way Bill is generated by Transporter

The above chart indicates e-Invoices in Sectors by :

i) Taxpayers (companies) having Annual Aggregate Turn Over more than Rs. 500 Cr from 1st Oct 2020

ii) Taxpayers (companies) having Annual Aggregate Turn Over between Rs 100 -500 Cr and above Rs 500 Cr from 1st Jan 2021

Source- National Informatics Centre | A-Block, Lodhi Rd ,CGO Complex, New Delhi-110003 |Website: www.nic.in |
Contact: sio-kar@nic.in