Tag: E-Invoicing QR Code

Recent Updates on e-Invoicing: 10th May 2023 The CBIC has declared the initiation of the 6th phase of e-invoicing, starting from August 1st, 2023, to align with the government's objective of promoting a paperless GST system, decreasing business compliance costs, and enhancing the effectiveness of the GST system. Businesses that have maintained an annual turnover of ₹5 crore or more since 2017-18 will be required to produce e-invoices. 11 October 2022 According to the Good and services tax, the next phase of e-invoicing may implement from January 1, 2023, on businesses whose turnover is more than 5 crores. Also, by the end of that following fiscal year, Moreover, the system may be expanded to include companies with a turnover of more than Rs. 1 Crore. 16 August 2022 A key announcement was made by the Central Board of Indirect Taxes and Customs (CBIC) on August 16, 2022, indicating that taxpayers whose annual revenue surpasses Rs. 10 crores are allowed to use the e-invoicing system. To use the e-invoicing system, GST-registered individuals must upload all B2B invoices to the invoice registration portal (IRP). An electronic invoice that has been digitally signed, a unique Invoice Reference Number (IRN), and a QR code are all produced by the IRP and sent to the user. 4th July 2022 According to a government official, in order to lower the barrier from the existing Rs 20 crore, the government intends to make GST e-invoicing mandatory for businesses with a turnover of Rs 10 crore and higher from 1-10-2022. 24th February 2022 According to Notification No. 1/2022, the e-Invoicing system will be made available to businesses with an annual turnover of more than Rs. 20 crore and up to Rs. 50 crore as of April 1, 2022. 30th June 2021 The CBIC has issued a notification proposing to waive the penalty imposed for non-compliance with dynamic QR code regulations for B2C invoices between December 1, 2020, and September 30, 2021. 1st June 2021 A government department and local authority are exempt from the e-invoicing system, according to CBIC's Central Tax Notification No. 23, dated June 1, 2021. 30th March 2021 The CBIC has published a notification to waive the fine for failing to follow the rules for dynamic QR codes for B2C invoicing between 1 December 2020 and 30 June 2021, provided that the person in question complies with the notification's requirements starting on 1 July 2021. Article Content Is it Mandatory to Generate E-Invoicing QR Code for B2C Transactions? About QR Code in E-Invoicing What Information E-Invoicing QR Code Contain? What Documents are Required For E-Invoicing QR Code? QR Code for B2C Invoices QR Code to GST B2C Invoice Applicability Where and How to Generate E-Invoicing QR Code? Bottom line Is it Mandatory to Generate E-Invoicing QR Code for B2C Transactions? All the B2B invoices are authenticated online under the e-invoicing system by using the GSTN portal. Once a business uploads an invoice on the Invoice Registration Portal (IRP), it will get a unique number. The invoice data is transferred to the e-way bill portal and GST portal from the IRP in real-time. Only B2B invoices need to be uploaded to the e-invoicing program. But for B2C invoices, a dynamic QR code e-invoice should be generated. About QR Code in E-Invoicing QR code or Quick Response Code is a 2D barcode that is applied in machine-readable (encrypted) form. It consists of essential details about the products. The GST QR code is used in the e-invoicing system to quickly provide details about a specific invoice without using an external source to retrieve those details. Here are some of the purposes of using QR code GST: Improves the ease of doing business online to record the invoice data for accurate and instant input. Indirect tax officers can easily find out the validity of a specific invoice, and it consists of all the details needed through an e-invoice QR code scanner. Once the e-invoice is returned from the IRP to the supplier with a QR code, the supplier can easily export the invoice to PDF with e-signature using a QR code. What Information E-Invoicing QR Code Contain? The QR code must have the following details : Supplier’s GSTIN Buyer’s GSTIN Supplier’s invoice number The date on which invoice is generated Value of invoice The main item must have an HSN code Number of items Unique IRN number What Documents Are Required For E-Invoicing QR Code? The GST Law has made QR code on invoice mandatory from October 1, 2020. It is important for taxpayers with an average turnover exceeding Rs. 500 Cr in the preceding FYs from 2017-18. It is now extended to businesses with aggregate turnover exceeding Rs. 100 Cr in preceding FYs from 2017-18, as of January 1, 2021. Hence, all taxpayers have to issue e-invoice for B2B credit notes, tax invoices, and debit notes. A space for a QR code GST invoice should also be added. The QR code will also be...