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.
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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.
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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.
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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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With Warm Regards,
CL Bureau.