According to the Central Board of Indirect Taxes and Customs (CBIC), the latest notification (71/2020- Central Tax) released on September 30, 2020, implementation of the requirement of Dynamic QR Code on B2C Invoices has deferred till December 1st, 2020.
Under Goods and Services Tax (GST), companies with a turnover of over Rs.500 crore will have to generate e-invoice for B2B (business-to-business) transactions from October 1. But in the case of B2C transactions only when the aggregate turnover of a supplier in a financial year exceeds Rs.500 crore, then 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. However, for B2C (business-to-consumer) transactions for less than Rs.500 crore aggregate turnover, e-invoice is not yet mandatory.
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.
Also, earlier in the month, the GST Network has issued clarifications through frequently asked questions on electronic invoicing standards for businesses above Rs.500 crore turnover, where it said that a dedicated mobile app to scan and verify the validity of QR codes will be soon provided by the government.
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