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.
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 |
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