In a notification, the Central Board of Indirect Taxes and Customs (CBIC) waived the quantity of penalty payable by a registered individual for non-compliance of provisions of dynamic QR code in B2C invoices till June 30, 2021, topic to the situation that companies adjust to the provisions from July 1, 2021.
AMRG & Associates Senior Partner Rajat Mohan mentioned giant taxpayers having an combination turnover past Rs 500 crore would get aid from the mentioned penalty waiver, which required the printing of a dynamic QR code on each B2C bill.
EY Tax Partner Abhishek Jain mentioned, (*1*)
This extension is a welcome aid and would offer the much-needed time to the business to be prepared and compliant with this new requirement, he added.
Initially, CBIC had deferred the requirement of date for implementation of QR code to October 1, 2020, and thereafter additional deferred implementation of the requirement of dynamic QR code in B2C invoices to December 1, 2020.
Later on, CBIC waived the quantity of penalty payable by a registered individual for non-compliance of provisions of dynamic QR code within the interval till March 31, 2021. Now once more, the same aid has been granted till June 30, 2021.