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With the notification issued on 21st March,2020, all the businesses whose turnover exceed 500 Crores in the previous financial year, (starting from 2017-18) were mandated to display QR code on their B2C invoices from 1st December 2020. Then, from October 2022, e-invoicing became mandatory for businesses with an annual turnover exceeding 10 crores.
As per the recent updates, from 1st August 2023, e-invoicing will be essential for all the registered persons whose aggregate turnover (based on PAN) in any prior fiscal year from 2017-18 onwards exceeds 5 crores.
With e-invoicing already implemented and the new mandate of dynamic QR code B2B supplies, it’s super important to understand the applicability of dynamic code.
Quick Response Code is abbreviated as QR code. It is a two-dimensional version of a barcode containing invoice information and can be scanned from any mobile device.
Dynamic QR code is editable and allows additional features such as scan analytics, password protection, device-based redirection and access management.
The whole idea here is to display the code containing the digital payment details that enable the end customers to make the payments by scanning it.
The purpose of having a dynamic QR code on B2C invoices is to facilitate digital payments. This in line with the RBI’s recommendations to streamline the payments related to B2C transactions. In other words, it enables the consumers to make payment using UPI by scanning the QR code provided on the invoices.
|Best e-Invoicing Software Solution for Businesses in India||Generate e-Invoice Instantly in TallyPrime|
Dynamic QR code needs to be captured in all the B2C (business to consumers) invoices. In simple words, on all the supplies made by a registered business to unregistered persons, a dynamic QR code needs to be captured.
All the businesses whose annual turnover exceed 500 crores in any preceding financial year (starting from 2017-18) are mandated to display QR code on their B2C invoices from 1st December 2020.
Dynamic QR Code should be such that it can be scanned to make a digital payment. The following are the details that need to be captured in dynamic QR code -
Businesses should generate dynamic QR code for B2C invoices using their own QR code generating machines and algorithms. Here, IRN generation is not required and you need not upload B2C invoices to IRP. If uploaded, IRP will reject such invoices.
Certain notified businesses are exempted from displaying the dynamic QR code on B2B invoices. Insurance and banking company or financial institution including non-banking financial company, specified transport agency, passenger transport business, multiplex screens, and Online Information Database Access and Retrieval services (OIDAR) supplies made by any registered person to an unregistered person are the businesses/supplies exempted from displaying dynamic QR code.
e-Invoicing system requires businesses to issue an invoice with QR (quick response) code for all B2B supplies. Under this system, the supplier should upload the invoice data to Invoice Registration Portal (IRP) which in turn authenticates the invoice with a unique IRN number along with QR Code. This needs to be captured on the invoice before issuing it.
Currently, B2C supplies are outside the ambit of e-invoicing concept. To enable digital payments from B2C invoices, the concept of Dynamic Quick Response Code is introduced by the authorities. Dynamic QR code needs to be generated with the help of their own software or machines/algorithms and then display on the B2C invoice.
Yes. If the supplier has issued an invoice having dynamic QR Code for payment, the said invoice will be deemed to have complied with dynamic QR code requirements
It will be deemed to have complied with the requirement of having a Dynamic QR Code if the following conditions are met:
In such cases, if the cross-reference of the payment made using such electronic modes of payment is made on the invoice, the invoice shall be deemed to comply with the requirement of dynamic QR code.
However, if payment is made after the generating/issuing invoice, the supplier shall provide dynamic QR Code on the invoice
If cross-reference of the payment received either through electronic mode or through cash or combination thereof is made on the invoice, then the invoice would be deemed to have complied with the requirement of Dynamic QR Code.
In cases other than pre-paid supply i.e. where payment is made after generation/issuance of invoice, the supplier shall provide Dynamic QR Code on the invoice.
Dynamic QR code is not required for exports made by a registered person to an unregistered person. Because exports are under the ambit of e-invoice and you need to issue an e-invoice in line with B2B supplies.
The requirement dynamic QR code applies to each supplier/registered person separately, if such person is liable to issue invoices with dynamic QR code for B2C supplies as per the said notification.
In case, the supplier is making supply through the e-commerce portal or application, and the said supplier gives cross-references of the payment received in respect of the said supply on the invoice, then such invoices would be deemed to have complied with the requirements of dynamic QR code.
In cases other than pre-paid supply i.e. where payment is made after generation/issuance of invoice, the supplier should provide a dynamic QR code on the invoice.
Know more about e-invoices in GST
|e-invoicing Software||e-Invoice in GST|
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