India : Good news once again on GST

Jan 1, 2021
India : Good news once again on GST [Image]

India News/Digital India : There is good news once again on the Goods and Services Tax (GST) front. A total of 6.03 crore GST e-invoice were made in December. 5.89 GST-e-invoice was created in November. The highest GST collection was also held in December. It was 1.15 lakh crores.

E-bill is for businesses with more than 500 crore business :

Significantly, for business houses whose turnover is more than 500 crores, it is necessary to create an electronic invoice (or e-invoice). This invoice is created for B2B (Business to Business) transactions. It has been implemented from October 1, 2020. According to information received by the Ministry of Information and Technology (IT), it has been proved as a game changer in the GST system.

Was launched 3 months ago

In 3 months it has made the transaction easy. With this, taxpayers are using this new platform. In the last three months, about 37 thousand tax payers have generated 16.8 million invoice reference numbers from the e-invoice system.

A total of 4.95 crore e-invoices were issued in October. Later in November it increased to 5.89 crores. It has risen to 6.03 crore in December.

NIC develops e-way bill

The e-way bill generation is developed from the National Informatics Center (NIC). NIC Help Desk helps tax payers on any mistake in this regard. This can be accomplished by email or telephone call.

From January 1, 2021, the government has made a turnover rule of Rs 100 crore for the generation of IRN. NIC has already created an API and offline tool for this.

Direct API can be accessed on NIC portal

The NIC portal consists of large tax payers with a turnover of Rs 500 crore. They access their suppliers' direct APIs. Keeping in mind the small tax payers, NIC has designed an offline Excel based IRN. It is named NIC GePP.

With this application, taxpayers can give complete information about their bills. Also, you can upload your file on NIC IRN portal. For this, the IRN QR code has to be downloaded.

Piyush Verma

Piyush Verma

I am a Blogger and Web Designer.

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