As per the decision of the GST Council on 14th March, the Central Board of Indirect Taxes and Customs (CBIC) has notified that the e-invoice and QR Code would be mandatory for the taxpayers from 1st October, 2020 under the GST regime.
The Government has implemented the e-invoice option from 1st January where the businesses can voluntarily opt for the same if the turnover is over 500 crores. However, this was said to be mandatory from 1st April, 2020.
For businesses with an annual turnover of over ₹100 crores, it was made effective from February 1. From April 1, companies having an aggregate revenue of ₹100 crores or more have been mandated to upload e-invoice on the portal.
As per the notification, a certain class of registered persons (insurance company, banking company, financial institution, non-banking financial institution, GTA, passenger transportation service etc.) to be exempted from issuing e-invoices or capturing dynamic QR code.
The Notification said that “an invoice issued by a registered person, whose aggregate turnover in a financial year exceeds five hundred crore rupees, other than those referred to in sub-rules (2), (3), (4) and (4A) of rule 54 of said rules, and registered person referred to in section 14 of the Integrated Goods and Services Tax Act, 2017, to an unregistered person (hereinafter referred to as B2C invoice), shall have Dynamic Quick Response (QR) code: Provided that where such registered person makes a Dynamic Quick Response (QR) code available to the recipient through a digital display, such B2C invoice issued by such registered person containing cross-reference of the payment using a Dynamic Quick Response (QR) code, shall be deemed to be having Quick Response (QR) code.”
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