The government has mandated businesses with an annual turnover of over Rs 500 crore to generate and print dynamic QR codes on B2C invoices from December 1, 2020.
The QR code will contain details such as GST identification number (GSTIN), invoice number, and the total amount.
The dynamic QR code will enable customers to make digital payments easily and quickly.
The QR code will also help in tracking transactions and reducing the risk of tax evasion.
Businesses failing to comply with the regulation may face penalties and legal action.
The move is expected to boost digital payments and increase transparency in transactions.
Smaller businesses may also adopt the use of QR codes voluntarily to improve customer experience and simplify payment processes.