The GST Network (GSTN) has taken another step towards digitizing the business process flow by launching e-invoice registration services through multiple private IRPs (Invoice Registration Portals) on the recommendation of the GST Council. Four private companies, namely ClearTax, Cygnet, E&Y, and IRIS Business Ltd., have been empanelled by GSTN to provide e-invoice registration services to all GST taxpayers across India.
This move now gives taxpayers the option to choose from more than one IRP, instead of being restricted to the single portal of NIC (National Informatics Centre) which existed earlier. This adds significant capacity and redundancy to the e-invoice registration process, which will ultimately benefit taxpayers.
The integration of a digitally signed e-invoice between sellers and buyers with the GST system will lead to ease of compliance for taxpayers. It will also facilitate the auto-drafting and auto-populating of invoice details in GST returns, leading to increased accuracy and correctness of reporting of supplies and availing of Input Tax Credit (ITC) by the recipients of the supply.
The details of the existing and new IRPs are available at https://einvoice.gst.gov.in/einvoice/dashboard.