GST E-invoicing with QR Code mandatory for Large Businessmen
The GST department has introduced numerous interactive features on the GST portal, so as to make it more user-friendly for the taxpayers having GST registration. Recently, the GST authority has brought the GST e-invoicing feature on the GST portal.
The Central Board of Indirect Taxes and Customs (CBIC) has clearly notified that the GST e-invoicing on the common portal (GST portal) is now compulsory for all the large scale taxpayers having the GST registration, whose aggregate turnover in a financial year is beyond â‚¹100 crores.
The GST department has now introduced a concrete measure to ensure standardization of the GST invoices of the large scale businessmen. CBIC has notified that the B2C GST invoice issued by a businessman having GST registration, whose aggregate turnover in a financial year is beyond â‚¹500 crores, to an unregistered person (URD), must have a Quick Response (QR) code.
1. Which invoices shall have the QR code?
As per the notification issued by the GST Authority, those GST e-invoices must bear a QR Code that are issued by a businessman who has GST registration, and whose aggregate turnover in a financial year is above â‚¹500 crores, to an unregistered dealer. Such invoices are referred to as B2C invoices.
2. What is the purpose of the QR code on the B2C invoice?
The main purpose behind the introduction of the QR code on the B2C invoices is to speed up the invoice tracking and payment process. Now, the QR code-based invoices can be easily scanned and payment can be made instantly by the customer.
3. How will the QR code on the B2C invoice work?
4. When will the QR code feature on the B2C invoice be made effective?
The Central Board of Indirect Taxes and Customs (CBIC) has notified that this new feature of QR code on the B2C invoice shall go live from the 1st of April, 2020.
Know more about the E-invoicing feature on the GST portal.
However, we can also help you in raising the GST invoice easily for the purpose of the GST return filing procedure on Instabill.