Goods and Services Tax – GST Dated:- 31-3-2021 – News – With effect from the 1st April, 2021, it has been made mandatory for a GST taxpayer, having turnover of more than ₹ 5 crore in the preceding financial year, to furnish 6 digits HSN Code (Harmonised System of Nomenclature Code), or as the case may be, SAC (Service Accounting Code) on the invoices issued for supplies of taxable goods and services. A taxpayer having turnover of upto ₹ 5 crore in the preceding financial year is required to mandatorily furnish 4 digits HSN code on B2B invoices. Earlier, the requirement was 4 digits and 2 digits respectively. For more details, notification No. 78/2020-Central Tax, dated 15.10.2020 may be referred to (accessible at https://w
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s/cst2021-020221/cst-idx for HSN codes. GST rate schedule for goods and services may be accessed at https://www.cbic.gov.in/htdocs-cbec/gst/index-english and then follow the path GST Rates/Ready reckoner-Updated Notifications/Finder GST Rates Ready Reckoner/Updated Notifications. Further, HSN search facility is also available on the GST portal. Manufacturers and importers/exporters have been commonly using HSN Codes. Manufacturers were furnishing these codes even in the pre-GST regime. Importers and exporters have been furnishing these codes in import/export documents. Traders would mostly be using HSN codes furnished in the invoices issued to them by the manufacturer or importer suppliers. As such, a large numb
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