E-invoicing under good and services tax(GST), overcoming early hiccups, picked up pace right in the second month of its roll-out, with bill generation posting 17 per cent growth in November over the previous month. This paves the way for the second phase of e-invoicing, which is to make it mandatory for entities with a turnover of Rs 100 crore and more from January 1 and the rest from April 1 for business-to-business transactions.
The e-invoicing system is now mandatory for entities with a turnover of Rs 500 crore and more. About 56 million invoice reference numbers (IRNs), or e-invoices, were generated in November against 48 million in October, reflecting economic demand revival. Days ahead of Diwali, 3.26 million IRNs were generated on November 6, the highest since the rollout on October 1. Daily invoice generation has now improved to 2.5-2.7 million per day compared to an average of 1.5 million a day in October.
Courtesyg: Google (photo)
