QR code printing on B2C invoices by large biz deferred till Sept 30

The government has extended the implementation of printing dynamic QR codes on B2C (business-to-consumer) invoices generated by businesses by three months till October 1.

QR code printing on B2C invoices by large businesses having an aggregate turnover of over Rs 500 crore was originally envisaged to be rolled out from October 1, 2020. However, the CBIC has been deferring its implementation and it was to come into effect from July 1, 2021.

Through a notification on June 30, 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 September 30, 2021, thereby deferring the mandatory requirement of printing such code till October 1.

Quick response code or QR code help users verify the details in the digitally signed e-invoice.

AMRG & Associates Senior Partner Rajat Mohan said the QR code for B2C transactions is meant to encourage digital payments by the buyers, however a half baked implementation will increase the harassment for large taxpayers.

Eyeing the mammoth task of pan-india implementation government has yet again waived the penalty for non-compliance till September 30, 2021.

"This extension will give much-needed relief to all consumer-facing businesses including retail chains, 5-star hotels, aviation sector, telecom sector, gas stations, automobile showrooms, etc," Mohan added.

EY Tax Partner Abhishek Jain said industry players would appreciate this extension provided by the government since they will get some additional time to gear up the requisite IT and other changes.

"A half-baked implementation is not recommended both from the perspective of the industry and the government," Jain added.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)