Economy

6.03 crore GST e-invoices generated in Dec

Our Bureau New Delhi | Updated on January 02, 2021

e-Way bills cross 6.42 cr, indicating recovery in economy, higher tax mop-up

The Government on Saturday said over 6 crore Invoice Reference Numbers (IRN) were generated under e-invoicing system. At the same time e-Way bill generation touched 6.42 crore in December.

e-invoicing essentially involves reporting details of specified GST documents to a government-notified portal and obtaining a reference number. Earlier, e-invoicing was mandatory for business with ₹500-crore annual turnover, but from January 1 it is mandatory for business with annual turnover of ₹100 crore.

An e-Way bill is a kind of electronic challan which shows that tax has been fully paid before goods are moved from one place to other, within the State (intra-State) or outside the State (inter-State). It is required for carrying any consignment of goods of value exceeding ₹50,000. This threshold can be higher for intra-State activities.

 

 

Completes three months

In a statement, the Government said the GST e-invoice system has completed a journey of three months. It enabled more than 37,000 tax payers to generate over 1,680 lakh Invoice Reference Numbers (IRNs).

Starting with 4.95 crore during October, e-invoice generation increased to 5.89 crore in November and 6.03 crore in December. The Government claims the response of the system is good and generation of IRNs was hassle-free during this period. However, there have been common errors such as repeated requests on same document number, simultaneous requests on same document number, requests with validation or calculation errors etc. Proactive measures taken by NIC Help desk, including communication with tax payers about the issues through mails and telephonic calls and suggestion of corrective measuresfacilitated in bringing the errors down. NIC has also started sending the daily update to the generators of IRN about the number and value of the IRN generated by him/her, the statement said.

Meanwhile, e-way bill generation from the NIC (National Informatics Centre)-developed e-way bill system was also the highest during September-December compared to the same months of the previous years. Higher generation of e-Way bills means more movement of tax-paid goods. It shows recovery in economy and helps in higher tax collections.

  
Published on January 02, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like