As many as 69.5 lakh invoice reference numbers (IRNs) were generated in the first week of implementation of the GST e-invoicing system. On the seventh day of the implementation of the system, 13.69 lakh IRNs were generated.
The e-invoicing system came into force for B2B transactions from October 1 for businesses with annual turnover of more than Rs 500 crore.
According to finance ministry sources, so far 69.5 lakh IRNs have been generated by 71,000 users in the first seven days. On the very first day, more than 8.40 lakh IRNs were generated by 8,453 users while on October 7, about 13.69 lakh IRNs were generated by 14,100 users. Around 82 per cent IRNs were generated using GSP mode while 15 per cent were generated via direct API. Only 3 per cent were generated through bulk uploading using offline tools.
Finance and Revenue Secretary Dr Ajay Bhushan Pandey today reviewed the implementation of the e-invoicing system in a meeting that was also attended by GST and CBIC officials including board members and senior officials of NIC and GSTN.
Finance Secretary Dr Pandey said that the e-invoicing implementation is very encouraging and is getting progressively robust. "From the first to the seventh day Invoice Reference Number (IRN) generation has grown by 163 per cent and have touched the count of 13.69 lakh IRNs on the seventh day," he said in a statement issued today.
The e-invoicing system will enable buyers and sellers to have real time information of the invoices. It replaces physical invoices and will soon replace the existing e-way bill system. Taxpayers will not have to generate separate e-way bills. "The e-invoicing system can also eventually dispense with the present system of filing GST returns for smaller businesses and MSMEs because e-invoice will pre- populate their returns and they have to simply pay the taxes. The returns will be automatically generated for all supplies for which e-invoice have been issued," said the revenue secretary.
The e-invoicing system is currently mandated for the businesses with annual turnover more than Rs 500 crore. By January 1, 2021, it will be available to taxpayers with turnover more than Rs 100 crore a year. It will be implemented for all taxpayers for B2B transactions from April 1, 2021.