Which of the following is applicable on Dynamic QR code of on B2C invoices under GST applicable from July 2021?

Solution

CBIC vide Notification No. 14/2020-Central Tax directs all taxpayers with an annual turnover of more than Rs.500 crore in any preceding financial year (starting from 2017-18) to compulsorily generate a Dynamic QR code on their B2C invoices from 1st December 2020 (initially was from 1st October 2020 but was deferred by the Notification No. 71/2020). Further, vide notification No. 06/2021-Central Tax, dated 30th March 2021, penalty has been waived for non-compliance of this requirement for the period from 1st December, 2020 to 30th June, 2021, subject to the condition that the said person complies with the provisions of the said notification from 1st July, 2021. QR Code is not applicable to an invoice issued where the supplier of taxable service is: Ø  an insurer or a banking company or a financial institution, including a non-banking financial company; Ø  a goods transport agency supplying services in relation to transportation of goods by road in a goods carriage; Ø  supplying passenger transportation service; Ø  supplying services by way of admission to an exhibition of the cinematograph in films in multiplex screens