|Update:||Compliance Alert - CBIC waives penalty for non-compliance with QR code provisions for B2C invoices|
The Central Board of Indirect Taxes and Customs (CBIC) has announced to refrain from penalizing companies for non-compliance with the mandate to apply a QR code on B2C invoices until 30 September 2021.
The grace period was previously deferred to 1 July 2021, now prolonging 3 months for businesses to comply.
Therefore, businesses with a turnover of more than INR 500 crores (approx. 58 million EUR) will be penalized if they do not implement QR codes on B2C invoices from October.