E-invoicing and B2C Transactions -- QR Code


Presentation Description

Recognizing E-invoicing under gst and QR code Generation for B2C transactions has become very significant in the present situation once the e-invoicing system is defined to be mandatorily employed for taxpayers with turnover more than INR 500 cr. from October 1, 2020.


Presentation Transcript

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E-invoicing and B2C Transactions -- QR Code Recognizing E-invoicing under gst and QR code Generation for B2C transactions has become very significant in the present situation once the e-invoicing system is defined to be mandatorily employed for taxpayers with turnover more than INR 500 cr. from October 1 2020. Invoice Registration Portal IRP is your e-invoicing government portal that is presently handled by National Informatics Centre NIC. The invoices for which Invoice Registration Number IRN must be created are to be delivered to NIC for enrollment and NIC in yield provides IRN Signed QR Code Acknowledgement Number Acknowledgement Date Status and Signed Invoice in JSON format. Read more about E-Invoicing and E-Way Bill here. E-Invoicing and B2C Transactions Transactions involving provides made To unregistered consumers or persons are usually known as Business to Customer B2C transactions. B2C Invoices are such invoices where the end-user wont be asserting Input Tax Credit ITC from GSTN. While B2B transactions i.e. invoices increased to some documented counterparty are specifically covered under the present e-invoicing mandate according to Notification No.13/2020 its just as important to comprehend the results of e-invoicing beneath GST on other industry transactions like Exports Deemed Exports B2C etc.. The new e-invoicing schema has been Released through Notification 60/2020 dated 30th July 2020 accompanied with the launch of version 1.03 of E-invoicing API specifications. Actual APIs were published on the IRP portal on 5th August on sandbox for testing and theyve been published on manufacturing on 15th August 2020. Though the mandate covers just B2B transactions the e-invoicing schema advised comprise all invoice Types such as Exports Deemed Exports and B2C transactions too. Even Though the notification on E-invoicing schema has comprised B2C transactions as invoice Form according to e-invoicing mandate in India and real API published IRN generation isnt appropriate for B2C. Hence taxpayers shouldnt ship the B2C invoices into the Authorities i.e. IRP. It was further explained by NIC the requests sent by B2C invoices will probably be rejected by these and when delivered multiple times then the IRN generation could also be be obstructed.

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Therefore for B2C invoices IRN generation Is not mandatory according to Notification No.14/2020 the government has made it compulsory for informed taxpayers turnover 500 crores to exhibit QR Code in their B2C invoices. Furthermore if the taxpayers currently create a Dynamic QR code readily available to the receiver through an electronic screen such energetic QR code is going to probably be regarded as QR code in light of the notification. Therefore B2C QR code needs to be self- generated from the taxpayers. They arent supposed to ship the B2C invoices on authorities portal to create QR code. QR Code -- FAQs Whats a QR Code A QR Code or a Quick Response Code is Coded info about anything. Its a 2-dimensional variant of a Barcode thats scan-able from any mobile device to exhibit a huge array of information. QR Code in the event of IRN generated invoices In the Event of all e-invoices the IRP Itself sends a signed QR code in reply. This Signed QR code consists of the following advice: · GSTIN of the provider · GSTIN of the receiver · Invoice amount is given from the provider · Date of this generation of invoice · Invoice worth · Amount of line items · HSN Code of the Major thing the line item with the Greatest taxable value · Unique Invoice Reference Number/Hash • This Signed QR code has to be displayed on print and PDF invoices. It may be scanned and confirmed to find out whether its been signed and registered from the IRP. The dimensions of the printed signed QR code may be 2 X 2 inches. However it is dependent upon the available size to the invoice. But it ought to be readable by the QR code scanners. QR Code in the event of B2C invoices -- How do you create a QR Code

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Theres no standard specification Supplied for B2C QR code. But going according to IRP Signed QR code taxpayers may incorporate all above-listed item supporting the GSTIN of the receiver as here receiver is unregistered and rather including the title of the receiver. A lively QR code the taxpayers Are already making accessible to the receiver through an electronic screen usually also contains a payment link. Therefore on scanning the energetic QR code the receiver can make payments via such payment hyperlinks. Thus in the event the taxpayers dont already have such energetic QR code then the payment connection may also be contained in the self-generated QR code. IRIS Onyx -- A full E-invoicing Software IRIS Onyx is an automatic integrated And easy e-invoicing solution Onyx is a cloud-based alternative that Can incorporate with your charging systems seamlessly in numerous approaches and create IRN with no disturbance to your company. Its a one-stop platform to see discuss and collaborate with your clients and providers alike while handling the whole communicating with the GST systems within an hassle-free method. IRIS Onyx assists with both e-invoice and E-way Bill generation and makes the whole process hassle-free and smooth In IRIS we have built-in Attributes for not merely confirming the Signed QR code obtained from IRP but additionally Self-generating that the QR code for B2C invoices delivered from the taxpayers.