The new e-invoicing system aims to have a standardised way of reporting invoices.
Quick Response Code is abbreviated as QR code. It is a two-dimensional barcode applied to items for presenting information in its machine-readable format.
In the e-invoicing system, the QR Code will be used to provide information about a particular invoice in a quick manner, without the need to retrieve such information from an external source, say, the internet. This would serve the following needs:
The QR Code will be created based on the following parameters:
Under the GST law, the e-invoicing scheme will be made compulsory from 1 April 2020 for those taxpayers having an aggregate turnover more than Rs 100 crore in the previous financial year. Thus, all those taxpayers will be required to issues invoices under the e-invoicing system in respect of B2B tax invoices, credit notes and debit notes. The e-invoicing system also requires invoices printed to have a space for QR codes.
In the case of exports and RCM supplies, since tax invoices are required to be issued, the QR code shall also be applicable.
Where the aggregate turnover of a supplier in a financial year exceeds Rs 500 crore, he shall be required to have a QR code displayed on B2C invoices raised by him. Where the supplier makes a dynamic QR code available through a digital display, the cross-reference of the payment made through it should be made available.
The JSON of the invoice is required to be uploaded onto the Invoice Registration Portal (IRP) for generating an Invoice Reference Number (IRN). After the successful generation of IRN, the IRP allows the affixing of digital signature and QR code to the JSON.