The government has deferred by three months till July 1 the requirement of printing dynamic QR code on B2C (business-to-consumer) invoices generated by businesses.
Quick response code or QR code help users verify the details in the digitally signed e-invoice.
In a notification, the Central Board of Indirect Taxes and Customs (CBIC) waived the amount of penalty payable by a registered person for non-compliance of provisions of dynamic QR code in B2C invoices till June 30, 2021, subject to the condition that businesses comply with the provisions from July 1, 2021.
AMRG & Associates Senior Partner Rajat Mohan said large taxpayers having an aggregate turnover beyond Rs 500 crore would get relief from the said penalty waiver, which required the printing of a dynamic QR code on every B2C invoice.
EY Tax Partner Abhishek Jain said, "Some of the clarifications on issues around B2C QR code were released by the government only a few weeks ago, leaving very limited time for the industry to implement the requisite changes in their ERP or accounting systems."
This extension is a welcome relief and would provide the much-needed time to the industry to be ready and compliant with this new requirement, he added.
Initially, CBIC had deferred the requirement of date for implementation of QR code to October 1, 2020, and thereafter further deferred implementation of the requirement of dynamic QR code in B2C invoices to December 1, 2020.
Later on, CBIC waived the amount of penalty payable by a registered person for non-compliance of provisions of dynamic QR code in the period till March 31, 2021. Now again, a similar relief has been granted till June 30, 2021.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU