GSTN (Goods and Services Tax Network) has launched its new system that provides e-invoicing services through private Invoice Registration Ports (IRPs). This makes it easier for businesses to generate, transmit, and store electronic invoices quickly, leading to greater compliance with the Goods and Services Tax (GST) rules.
As another step towards digitization of business process flow, GSTN has launched e-invoice registration service through multiple private IRPs as per recommendation of GST Council. Four private companies viz. ClearTax, Cygnet, E&Y and IRIS Business Ltd were included in the panel by GSTN to provide this e-invoice registration service to all GST taxpayers in the country. Details of existing and new IPRs are available at https://einvoice.gst.gov.in/einvoice/dashboard
Taxpayers now have a choice of multiple IRPs (previously NIC’s only portal), which they can use to register their e-invoices. It adds significant capacity and redundancy to the previously existing single e-invoice registration portal.
The end-to-end flow of digitally signed e-invoices between sellers and buyers with the GST system will facilitate compliance for taxpayers. It will also facilitate auto-drafting and auto-population of invoice details in GST returns thereby enhancing accuracy, the accuracy of reporting of supplies, and availing of ITC by recipients of supplies.