QR code mandatory on e-invoicing for Rs 500-cr businesses from Apr 1

Indian business with turnover of more than Rs 500 crore will issue ‘e-invoicing’ with a Quick Response (QR) code from April 1. This among various other provisions is part of five notifications, issued by the Central Board of Indirect Taxes and Custom (CBIC) to bring in place ‘e-invoicing’ system. The new invoicing system has been made mandatory for businesses having turnover of Rs 100 crore or more from April 1. ‘E-invoicing’ is a system in which invoices are authenticated electronically by GSTN (GST Network, the IT backbone for new indirect system) for further use on the common GST portal.