New Delhi – Path breaking e-invoice initiative which completed one month on the 31st October, is poised to revolutionize the way businesses interact with each other. According to NIC, within the first month of introduction itself, more than 495 Lakh e-invoices were generated on the NIC portal by 27,400 tax payers.
The e-invoice system, the game changer in the GST system, was launched on 1st October, 2020 for the businesses with aggregate turnover of more than Rs. 500 Crores in the financial year.
It will be yet another milestone in Indias journey in enhancing ease of doing business. The data captured by the Invoice Registration Portal will flow seamlessly to GSTR1 return of the tax payer in GST Common Portal , thus reducing the compliance burden.