The Central Board of Indirect Taxes and Customs (CBIC) has clarified that businesses above Rs 500 crore turnover supplying services to entity located overseas and receiving payments through RBI approved mediums, need not issue quick response or QR code, on the invoice.
The Board added that in case of part payment only the amount payable should reflect in the QR code. The clarifications also indicate that government is not supposed to extend the penalty waiver period beyond 30th June, 2021 and full implementation will begin from 1st July, 2021.
Dynamic QR code was applicable from 1st December 2020 for businesses with more than Rs 500 crore turnover on B2C supplies. Earlier the government had waived off any penalty for the non-compliance of the same up-to 31st March, 2021, later on it extended till 30th June 2021, provided that the Dynamic QR code is duly generated effective from 1st July, 2021.
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