Issue of invoices under goods and services tax law

Through notification, Govt. has made following provisions applicable for issuing invoices by a person registered under GST w.e.f. 01.04.2020:

B2B Invoices –

• If aggregate turnover of the person exceeds Rs. 100 crores in a financial year;
• It is mandatory to issue electronic invoice by uploading information under Form GST INV 01 on Common GST electronic portal and create an invoice reference number;

Our Comments:

We think department should give some more clarity that whether e-invoice is an enough compliance, or entities should continue issuing invoices in same form they were doing and only detail of Form GST INV 01 along with invoice reference number should be included in those invoices.

B2C Invoices –

• If aggregate turnover of the person exceeds Rs. 500 crores in a financial year;
• It is mandatory to have QR code on invoices.
• However, if payment is made using Dynamic QR code which is made available to recipient through digital display and its cross reference is mentioned on invoice, then, there is no need to have a QR code on invoice.

The website for issuing an e-invoice will be live w.e.f. 01.01.2020.