CBIC defers facility of Dynamic QR Code on B2C invoices to 1st December
- The Central Board of Indirect Taxes and Customs ( CBIC ) has deferred the facility of Dynamic QR Code on B2C invoices to 1st December, 2020.
- A certain class of registered persons (insurance company, banking company, financial institution, non-banking financial institution, GTA, passenger transportation service, etc.) to be exempted from issuing e-invoices or capturing dynamic QR code.
- Where the aggregate turnover of a supplier in a financial year exceeds Rs 500 crore, he shall be required to have a QR code displayed on B2C invoices raised by him.
- Where the supplier makes a dynamic QR code available through a digital display, the cross-reference of the payment made through it should be made available.
- Under the GST law, the e-invoicing scheme will be made compulsory from 1 October 2020 for those taxpayers having an aggregate turnover of more than Rs 500 crore in the previous financial year.
- Thus, all those taxpayers will be required to issues invoices under the e-invoicing system in respect of B2B tax invoices, credit notes, and debit notes.
- The e-invoicing system also requires invoices printed to have a space for QR codes.