QR Code for B2C Invoices has become important in the current scenario when the e-invoicing system is implemented for taxpayers with turnover over INR 500 cr. from October 1, 2020.
As per GST Notification 14/2020-Central Tax date. 23-03-2020, the government has made it mandatory for notified taxpayers (turnover over Rs. 500 Cr.) to display QR codes even on their B2C invoices. And as per GST Notification 71/2020-Central Tax dated 30-09-2020, the requirement of Dynamic QR Code on B2C invoices was deferred to 1st December 2020.
QR Code and B2C e-InvoicesAlong with E-Invoicing for B2B and Exports, taxpayers were mandatorily required to print self-generated QR Code on B2C transactions from 1st April 2021 onwards as per GST Notification 89/2020.
However, the latest GST Notification 06/2021 released on 30-03-2021 stated that the penalty payable for non-compliance of QR Code on B2C transactions waived further till 30th June 2021, subject to compliance from 1st July 2021.
Have you been lately hearing a lot about ‘E-invoicing’ or ‘electronic invoicing’ which is keeping you worried all day and night as how it will impact your business?Know more about GST E-Invoice Here
The tax GST exists in multiple countries.
and since 2018 the GST tax term associated with India also.
GST is levied at every step in the production process, and it is intended to refund to all parties in the various stages of production to avoid the cascading effects of tax.
The rates were fixed as 0%, 5%, 12%, 18% and 28%.An invoice or a bill is a list of goods sent or services provided, along with the amount due for payment.
Tax invoice is generally issued to charge the tax and pass on the input tax credit to the beneficiaries.GST invoice is a document which is supposed to contain all the relevant details of a business transaction and both the parties involved.
As per rules, only GST registered business needs to provide GST complaint invoices on account of sale of goods and services.
