E-invoice System – Highlights: NIC
E-invoice System – Highlights
About the National Informatics Centre
• National Informatics Centre (NIC) is a government organisation under the Ministry of Electronics and IT, GoI
• NIC’s focus is on Citizen-Centric Services
• NIC is providing the state-of-art technology solution to the e-governance projects of the state and centre governments
• NIC has NICNET, Wide Area Network covering the PAN India
• NIC projects for tax departments
→ Customs
→ VAT, PT, Sales Tax, etc.
→ E-way Bill Project under GST
→ Now, E-Invoicing System
E-Way Bill Project
• E-Way Bill is for movement of goods, having value more than Rs. 50,000, from one place to another
• E-way Bill Project under GST started for PAN India from April 2018
• Daily, on Average 22 Lakh E-Way Bills are generated on the portal
• More than 12 lakh taxpayers are using every month on this portal to generate e-Way Bill
• As of now, more than 130 Crores E-Way Bills are generated in the last 28 months
• E-Way Bill is linked with E-Invoicing System
What & Why of E-Invoice
• It is the process of registration of generated invoice on a Government notified portal
• Unique Invoice Reference Number (IRN) obtained as a result of registration
• Signed Invoice, signed by the Invoice Registration (IRP) Portal
• Verifiable Authencity and Integrity of content
• Standardized, Interoperable and Digitized Invoices
• Integrated E-Invoice and E Way Bill operations
• Incremental filing of GSTR1
• Part of existing business processes
Related Topic:
E-invoicing in India!
Eligibility
• The business entities having > 500 Cr. turn over in a financial year have to register the Invoices from 1st October 2020
• Turnover considered for the PAN – Aggregate of all GSTINs based on the same PAN
• Exemptions
→ SEZ Units, and others as per notifications
• Invoices of all B2B and Exports transactions to be registered
E-Invoice Related Points
IRN Generators
-SUPPLIER / SELLER
-E-COM. OPERATOR
Types of Documents
-INVOICE
-CREDIT NOTE
-DEBIT NOTE
Types of Transactions
-B2B including B2G
-Export all types
QR Code
• GSTIN of supplier
• GSTIN of Recipient
• Invoice number as given by Supplier
• Date of the generation of invoice
• Invoice value (taxable value and gross tax)
• Number of line items.
• HSN Code of the main item (the line item having the highest taxable value)
• Unique Invoice Reference Number (hash)
Mandatory to print QR code on Invoice
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