The Central Board of Indirect Taxes and customs in its notification dated 21st March 2020 has notified that the e-invoice and QR Code would be mandatory for the taxpayers from 1st October 2020 under the GST regime.
The board in its earlier notification dated 13th December 2019 has made it mandatory for businesses having a turnover of Rs 100 crore or more to upload e-invoice on the portal mandatorily from 1st April 2020.
The Notification states that every invoice issued by a registered person, whose aggregate turnover in a financial year exceeds Rs.500 crore rupees, to an unregistered person (hereinafter referred to as B2C i.e. Business to Consumer invoice) shall have Dynamic Quick Response (QR) code. Provided that where such a registered person makes a Dynamic Quick response code available to the recipient through a digital display, such B2C invoice issued by such a registered person containing cross-reference of the payment using a Dynamic Quick Response QR code, shall be deemed to be having QR code.
Further, the notification exempts certain classes of registered persons (insurance company, banking company, financial institution, non-banking financial institution, GTA, passenger transportation service, etc.) from issuing e-invoices or capturing dynamic QR code.
Click here to read the Notification.
