How eInvoice QR Code is Becoming a Standard – Know Advantages and Applicability

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HOW EINVOICE QR
CODE IS BECOMING A STANDARD KNOW ADVANTAGES
AND
APPLICABILITY www.taxpro.co.in
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About Us
TaxPro is Indias trusted GST Suvidha Provider
aims to build a streamlined ecosystem for
complex taxation and achieve objectives through
free libraries and DLLs for GST, eWayBill, and
eInvoice. They are fulfilling clients needs by
offering integration across various sectors to
enhance compliance, reduce efforts, and
increase work accuracy.
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The new eInvoicing system is taking all the edge
with a revolutionary way of reporting invoices.
The QR code will be used to provide information
on specific invoices in a timely manner, without
any need for retrieving data from external
sources.
The eInvoice QR code app will cater to the
following needs
Help increase the efficiency of performing
commerce through machines to capture data
incorporated in invoices for fast and accurate
input. Allow indirect tax officers to identify
whether an invoice is valid and carry all
relevant specifications with handheld devices,
especially when youre out on the field. Once the
Invoice Registration Portal (IRP) returns the
eInvoice to the supplier after generating a QR
code, a supplier can only use the QR code to
generate a PDF file of a signed eInvoice.
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Information Contained within QR Code QR code
stands for Quick Response Code, which is a
two-dimensional barcode applicable for certain
items to present information in a machine-
readable format. It will be created depending on
various parameters GSTIN of the supplier GSTIN
of the recipient The invoice number is given by
the supplier Invoice value Date of invoice
generation Number of line items HSN code of
important items Unique invoice reference number
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Applicability of QR Code in B2B GST
eInvoice Suppliers having aggregate turnover in
preceding financial year, exceeding 20 Cr. shall
have a QR code displayed on B2B invoices, easily
available through a digital display. For
eInvoice applicability, JSON of the invoice is
needed to upload onto IRP for generating IRN.
Once IRN is generated successfully, IRP enables
attaching digital signatures and QR codes to the
JSON. Why Add QR Code to an Invoice? CBIC has
made the eInvoicing concept compulsory for
taxpayers and businesses that have an aggregate
annual turnover of over 20 Cr. As per rules,
taxpayers need to generate invoices following
the eInvoice schema on internal systems and
upload them on IRP for further validation.
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IRP will verify the information on invoices and
then, digitally sign the invoice and share the
eInvoice with IRN and QR code with the taxpayer.
Taxpayers can scan the QR code to authenticate
the validity of the invoice and if the correct
QR code isnt included in the final invoice, it
will be considered invalid. So, keep these key
aspects in mind to avoid heavy penalties and
manage tax compliance. Final Words A digitally
signed QR code contains particular invoice data
and further validates the final invoice. It is
worth noting that companies using eInvoicing
systems can reap maximum benefits by bringing in
automation and process efficiency in internal
business processes.
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The eInvoice QR code has made its way through
B2B invoices and will be unique for each invoice.
You can get started with an eInvoice GSP portal
like TaxPro GSP to integrate an advanced
eInvoicing solution within your existing
accounting, billing, or ERP system and
seamlessly generate IRN without interrupting
your current business operations.
www.taxpro.co.in
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91-11-4503 7177, 4502 0850 info_at_taxprogsp.co.in
222-223, Durga Chambers, 1333-34, D. B.
Gupta Road, Karol Bagh, New Delhi 110 005,
India www.taxpro.co.in