The Central Board of Indirect Taxes and Customs vide its notification dated 23rd February 2021 has issued clarification to its earlier circular dated 21st March 2021 on applicability of Dynamic Quick Response (QR) Code on B2C invoices and other compliances mentioned in the notification.
It has been clarified that the earlier notification shall be applicable to a tax invoice issued to an unregistered person by a registered person (B2C invoice) whose annual aggregate turnover exceeds 500 Cr rupees in any of the financial years from 2017-18 onwards.
The Dynamic QR Code, in terms of Notification No. 14/2020-Central Tax, dated 21st March, 2020 is required, inter-alia, to contain the Supplier GSTIN number, Supplier UPI ID, Payee’s Bank A/C number and IFSC, Invoice number & invoice date and Total Invoice Value and Further, Dynamic QR Code should be such that it can be scanned to make a digital payment.
Further, if the supplier has issued invoice having Dynamic QR Code for payment, the said invoice shall be deemed to have complied with Dynamic QR Code requirements.
The provisions of the notification shall apply to each supplier/registered person separately if such person is liable to issue invoices with Dynamic QR Code for B2C supplies as per the said notification.
In case, the supplier is making supply through the e-commerce portal or application, and the said supplier gives cross-references of the payment received in respect of the said supply on the invoice, then such invoices would be deemed to have complied with the requirements of Dynamic QR Code.
