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The B2B QR Code, which was introduced in the new e-invoicing mandate, is an efficient way to provide and verify the credibility of an e-invoice under GST. As per the GST notification 17/2022, from October 1, 2022 companies having AATO of Rs 10 Cr and above need to start generating e-invoices.
E-invoicing under GST was implemented in the country in a phase-wise manner, with the largest organizations being the first ones to adapt to it. Over the period of two years, it has now come to smaller businesses as well. Read all about the e-invoicing turnover limit and its implementation.
What is B2B QR Code?
A Quick Response Code, or QR Code, is essentially a barcode that can be scanned for information. For all B2B transactions of applicable companies, a B2B QR Code is printed on their invoices along with IRN.
The taxpayers who are covered under the e-invoicing mandate are required to send the invoice data to the Invoice Registration Portal (IRP) like IRIS IRP for generating an Invoice Reference Number (IRN). The IRP will return the invoices with a unique IRN, Signed QR Code, Acknowledgement Number, Acknowledgement Date, Status and Signed Invoice (in JSON format).
Once the IRN is fetched, a digitally signed QR code is generated by the IRP. With e-invoicing under GST, the QR Code provides the following information:
- Supplier GSTN
- Recipient GSTN
- Invoice Number
- Date of Invoice
- Document Type
- HSN Code
- Unique Invoice Reference Number (IRN)
- Date of IRN Generation
- Number of Line Items
While a normal QR Code can be easily generated for a particular set of information by anyone, the B2B QR Code for e-invoicing gains authenticity and credibility owing to the digital signature provided by IRP.
As per the GST Notification 72/2020 dated 01-10-2020, it is mandatory for businesses to include the QR Code on E-invoices under GST regardless of whether the invoice is sent electronically over email or a physical printed copy.
Here is a specimen of a B2B invoice with QR code
Benefits of a B2B QR Code for E-invoice Under GST
E-invoicing under GST has proved to be a boon for a digital India. It is an efficient way to generate, track, and verify invoices and e-way bills. Moreover, it is also increasingly helping invoice automation tools, cashflow lending, and invoice discounting for organizations.
The QR Code is meant to ease up the e-invoicing process. It will eradicate the need of retrieving some essential information from external sources. The B2B QR Code will also eliminate manual data verification. Furthermore, it will help the tax officers validate the authenticity of an invoice without looking it up in the GST portal for every invoice.
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