CBIC issues clarifications on dynamic QR code for companies with Rs 500 crore plus turnover

22nd June,2021

CBIC issues clarifications on dynamic QR code for companies with Rs 500 crore plus turnover

The Central Board of Indirect Taxes and Customs (CBIC) has explained that organizations above Rs 500 crore turnover providing administrations to element found abroad and getting installments through RBI aproved mediums, need not issue fast reaction or QR code, on the receipt.

The Board added that in the event of part installment just the sum payable ought to reflect in the QR code. The explanations likewise show that administration is probably not going to expand the punishment waiver period past June 30, and full execution will start from July 1."With the last date quick drawing nearer, the public authority is in cycle of clearing the disarray and questions among the business players to guarantee greatest consistence. Given this, the organizations should equip with their imperative IT changes if not effectively done, and challenges if any ought to be opportune brought to the consideration of the public authority," said Abhishek Jain, Tax Partner, EY.

Dynamic QR code was pertinent from 1 December 2020 for organizations with more than Rs 500 crore turnover on B2C supplies, the public authority had postponed off any punishment for the resistance of the equivalent up-to 30 June 2021, gave that the Dynamic QR code is appropriately created powerful from July 1, 2021.The Board likewise explained that on the off chance that where the receipt number isn't accessible at the hour of computerized show of dynamic QR code if there should be an occurrence of over the counter deals and the receipt number and solicitations are produced after receipt of installment, the exceptional request ID or remarkable deals reference number, which is interestingly connected to the receipt gave for the said exchange, might be given in the Dynamic QR Code for advanced showcase, as long as the subtleties of such special request ID/deals reference number linkage with the receipt are accessible on the handling arrangement of the trader/provider and the cross reference of such installment alongside one of a kind request ID/deals reference number are additionally given on the receipt.

It added that different subtleties of financial balance and IFSC may not be given in the Dynamic QR Code alongside UPI ID.The Board added that any receipt, given to such individual having a Unique Identity Number (UIN), will be considered as receipt gave for a B2C supply and will be needed to conform to the necessity of Dynamic QR Code.