CBIC clarifies on QR codes for companies with turnover of over Rs 500 Cr
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The Central Board of Indirect Taxes and Customs (CBIC) has issued a clarification on QR codes for businesses with a turnover of more than Rs 500 crore, The Economic Times has reported.
The CBIC has said that these companies supplying services to entity located overseas and receiving payments through a medium approved by the Reserve Bank of India (RBI), do not need to issue QR codes on invoices, the report said.
CBIC also said that in case of partial payment, only the outstanding amount should reflect in the QR code, the report added. This could mean that full implementation of dynamic QR codes will begin from July 1.
Currently, penalty for non-compliance has been waived till June 30. The system was applicable from December 1, 2020 for businesses with more than Rs 500 crore turnover on B2C supplies.
The CBIC has said that these companies supplying services to entity located overseas and receiving payments through a medium approved by the Reserve Bank of India (RBI), do not need to issue QR codes on invoices, the report said.
CBIC also said that in case of partial payment, only the outstanding amount should reflect in the QR code, the report added. This could mean that full implementation of dynamic QR codes will begin from July 1.
Currently, penalty for non-compliance has been waived till June 30. The system was applicable from December 1, 2020 for businesses with more than Rs 500 crore turnover on B2C supplies.
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