The system of publishing QR codes on B2C bills has been implemented from December 1.
The government has given four months relief from penalty for non-compliance with QR Code provisions in case of bills related to transactions between companies and customers (B to C). In this case conditional exemption has been granted till 31 March 2020. However, companies with a turnover of more than Rs 500 crore will be mandatorily required to issue B2C bills having QR codes from April 1, 2021 to get an exemption from fines. The system of publishing QR codes on B to C bills has been implemented from December 1.
Changes in the rules of driving, if you know the complete details, will be beneficial
The ‘Quick Response Code’ (QR Code) helps users to verify the details in digitally signed e-bills. The Central Board of Indirect Taxes and Customs (CBIC) in a notification issued on November 29 said that companies have been exempted from fines for not complying with the QR Code provisions for transactions between customers. This exemption is from December 1, 2020 to March 31, 2021. This exemption is subject to the condition that the said person will comply with this provision from April 1, 2021.
Work on UPI for GST facility for a year
Sources in the revenue department said that the government has been working with banks, vendors and the National Payments Corporation of India (NPCI) for almost a year on the GST facility on UPI (Unified Payment Interface). The Revenue Department held several rounds of meetings with NPCI and top banks and related parties to take forward the project. NPCI has provided the necessary solution and shared the technical documents, frequently asked questions (FAQs) with banks and other things.
Preparations could not be completed
According to sources, NPCI was ready for bank certification from February 6, 2020 and the target was to introduce GST facility on UPI from March 2020. However, despite many meetings, most banks could not make full preparations for GST facility on UPI. In a high-level meeting on GST facility on UPI, it has been decided to give exemption from penalty provision for one time for four months i.e. till 31 March 2021. This exemption was given on the condition that the concerned parties would take necessary steps to implement the system of QR codes on the bills from April 1, 2021 and as a result, the GST system can be made accessible on UPI.
Bank Holidays in December 2020: Banks will remain closed on this date in the month of December, check once before going list
Railways gave gift, lakhs of employees will get new facility in PF related matters
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
