Answer (1 of 2): Hi, Selling of Homemade Biryani on Swiggy is classified under "Supply, by way of or as part of any service, of goods, being food or any other article for human consumption or any drink, provided by a restaurant, eating joint including mess, canteen, whether for consumption on or. Example for a better understanding of HSN Coding system. 1.5 crores to Rs. 5 crores - HSN code at minimum 2 digit chapter level is mandatory. 07597741801 . HSN Code to be given for every B2B transaction by every taxpayer, whereas, it was exempt for taxpayers having turnover upto Rs 1.5 Crore Courses bookmark_border . The 4-digit HSN Code or SAC is mandatory for B2B, SEZ, Export, or Deemed Export tax invoices and optional for B2C tax invoices. The financial year to be considered for calculating the aggregate turnover will be 2020-21. Rs.100 crore turnover limit in any of the financial years between 2017-18 to 2019-20, as intimated in Notification No.88/2020 - Central Tax. Now he is required to mention 4 digit HSN code in his B2B invoices. The Central Board of Indirect Taxes and Customs (CBIC) reminded the HSN Code on GST Tax Invoice Mandatory w.e.f. Mandatory to quote HSN/ SAC code on invoices w.e.f 01/04/2021. !") (115669 Points) Replied 04 December 2017 No need HSN details if Turn Over is Less than 1.5cr. no need to put hsn on invoice in case turnover is not more than 1.5 cr RAJA P M ("Do the Right Thing.!! 1.5-5 CRORES. Change No 4: CBIC has brought Notification No. CBDT vide Notification No. The taxpayers require to offer HSN-wise the invoice value, tax amount, and taxable value in table-12 of GSTR 1. Those with a turnover exceeding Rs 5 Crores had to declare the 4-digit HSN codes. 1.5 crore up to 5.00 crore must mention only two digits of the HSN code. HSN codes, in general, contain 21 sections, within which you can find 99 chapters . Yes check has been put on HSN summary table no.12 of GSTR 1, Fewer than 1.5 crores profit turnover is not need the requirement of the HSN code for . 1.5 crore- 5 crore. Dealers whose annual turnover is between Rs . According to this new mandate, the number of digits in the HSN code has been revised. The turnover of the dealer is below 1.5 crore. This declaration of HSN Code shall be made irrespective of the Turnover. Sep 17, 2021 Annual return & Audit report - Last dates & threshold limit; Sep 11, 2021 Tax treatment of gifts received by an individual or HUF; SAC code is mandatory. Hsn code limit. Upto INR 5 crores 4 2. Taxpayers whose turnover is below Rs. HSN Code - 01012100 is classified as follow - Under this amended Proviso, Notification No. The CBIC issued Notification No. 78/2020 - Central Tax, dated October 15, 2020 to mandate 4/6- digit HSN/SAC Code on supply of goods or services on the tax invoices w.e.f. 4414 00 00. 5 crores in the preceding Financial Year HSN code of 4 digits is mandatory for all the B2B tax invoices and optional for B2C tax invoices on the supplies of Goods and Services. Now Tax Payers who have a turnover of more than 5 crores have to mention 6 digit HSN code in the invoice. Above Rs. Those dealers who were into imports or exports had to mandatorily follow the 8-digit HSN codes. with effect 01st april 2021 cbic notifies that a dealer registered under gst has to mention 4 digit of harmonized system of nomenclature code (hsn code) if his aggregate turnover in the preceding financial year is up to rupees five crores and he has to mention 6 digit of hsn code if turnover in the preceding financial year is more than rupees More than 5 crore. Earlier, the requirement was four-digits and two-digits respectively. I am going to answer following questions in this tutorial . Businesses with aggregate turnover of up to 5 crores are required to capture 4-digit HSN code. Earlier, the requirement was 4 digits and 2 digits respectively. The one who deals with Import and Export have to follow 8 digit HSN code. 78/2020 - Central Tax dated 15th October 2020, has made it mandatory to mention 4/6-digit HSN code issuing Goods and Services Tax (GST) invoices. SAC code is mandatory. Srikanta Maity (3 Points) 14 . For export turnover - 8 digit HSN code is mandatory. While notifying the HSN Code for these products, the Central Board of Indirect Taxes and Customs (CBIC) said, "A registered person shall mention eight number of digits of HSN Codes in a tax invoice. Further, a proviso was inserted to provide that 4- digits of HSN Code is optional in respect of supplies made to unregistered persons i.e., B2C supplies for a registered person having aggregate turnover upto INR 5 crores in the previous financial year. 1.5 crores are not required to mention HSN Code in their invoices. Taxpayers with a turnover exceeding INR 1.5 Crores but less than INR 5 Crores shall be using the 2 digit HSN codes; Those with a turnover exceeding INR 5 Crores shall be using the 4 digit HSN codes; Those dealers who are into imports or exports shall mandatorily follow the 8 digit HSN codes; Same as HSN for goods, India has a complete set of . 2. Paintings, drawings and pastels, executed entirely by hand, other than drawings of heading 4906 and other than hand-painted or hand-decorated manufactured articles; collages and similar decorative plaques. Taxpayers whose turnover is Rs. Taxpayers may, therefore note that based on the harmonious interpretation of the Notifications, as referred above, read with Customs Tariff Act, 1975, as made applicable to GST; the number of digits of HSN, as specified vide Notifications No. Now is he required to give HSN details in GSTR1 considering that HSN is mandatory for B2B invoices. For export turnover, 8-digit HSN code is mandatory irrespective of any of the above 3 categories. For Taxpayers, with less than 5 crores turnover 4 digit HSN code will be applicable. OR But now, they need to provide HSN plus rate-wise taxable value and tax amounts in Table-12 of GSTR-1. 12. If the business turnover is above Rs.5 Crs then, they must use 4-digit HSN codes for the business. 78/2020 - Central Tax dated 15th October, 2020 and Notification No. Notification No. Is hsn code mandatory for turnover less than 1 5 crore w e f 01 04 21 - GST. As per the said notification, registered taxpayers with aggregate turnover in the preceding financial year exceeding INR 5 crores would be required to issue invoices basis 6-digit HSN code instead 4-digit HSN code. Businesses having an annual turnover of more than Rs 5 Crores in the previous financial year are required to use 4 digit HSN Codes for the commodities sold by them. As per the said notification, registered taxpayers with aggregate turnover in the preceding financial year exceeding INR 5 crores would be required to issue invoices basis 6-digit HSN code instead 4-digit HSN code. 7 above, i.e., due date of . Get link; Facebook; Twitter; Pinterest; Email; Other Apps; By Yogesh on June 21, 2020 updated on 23-07-2020. However, the digits of the HSN Code . Above Rs. 5 crore during FY 2020-21: 6 digit of HSN code mandatory for all tax invoice. Turnover: HSN Code: Remark: Up to 1.5 cr: . There are two-, four-, or eight-digit HSN codes for commodities, and their use depends on the dealer's turnover in the previous financial year. For the first year, the taxpayer's self-declaration will be considered as actual turnover. 1.5 crores but below Rs. In the case of Import and export dealings and international trades, one must adopt 8-digit HSN codes for the business trades. Earlier, the requirement was 4 digits and 2 digits respectively. 20 crore [Read notification] August 2, 2022. taxpayer, having turnover of more than five crore rupees 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 . Is 6 digit HSN code mandatory? A taxpayer having turnover of upto Rs 5 crore in the preceding financial year is required to mandatorily furnish 4 digits HSN code on B2B invoices. All TR Suppliers in India will have to comply with the aforesaid requirement. 1.5 crores and Rs 5 crores shall be required to use two digit SAC/ HSN codes for their commodities. Depending on the turnover or nature of sale, a business might be required to quote a 2-digit HSN, a 4-digit HSN or an 8-digit HSN (mandatory for exports). Following example helps to understand the division and sub-division system under the HSN coding system. Rs. Click the Configure and update HSN Code or SAC link on the top bar in the Items module. Businesses with an aggregate turnover below 5 crore INR in the fiscal year 2020-21 are required to furnish a 4-digit HSN code. Whereas, the description is optional for taxpayers who are required to furnish HSN/ SAC codes on the basis of aggregate turnover as below: Less than Rs. 4-DIGIT HSN CODE FOR GOODS, 4 digits Harmonized System of Nomenclature code will be mandatory for taxpayers with turnover over & above Rs. New provisions have following additional requirements as compared to previous provisions:- HSN code to be given upto 6 digits (earlier, it was 4 digits) by registered persons having turnover exceeding Rs 5 crores. HS code is a very important part of a tax invoice . More than 1.5 cr but up to 5 cr: First 2 digit of HSN/SAC code: HSN / SAC code is Mandatory: More than 5 crore: First 4 digit of HSN/SAC Code: HSN / SAC code is Mandatory: . Conclusion, Thresholds and eligibility criteria mentioned by the India Government is to boost up and benefit the small and medium enterprises (SME'S). If the business turnover is between Rs.1.5 Crs to Rs. Businesses whose aggregate Turnover in the preceding financial year is more than 5 crores are required to mention the HSN code at a 6-digit level. Earlier, the requirement was 4 digits and 2 digits respectively. For taxpayer with aggregate annual turnover more than Rs. In GSTR1 he was not required to give HSN details being turnover below 1.5 crores. Yes , as per Notification 78/2020, the taxpayers having AG turnover less then 5 crore is required to mention 4 digit HSN & more the 5 crore its 6 digits. The businesses whose annual turnover exceeding 5 crores will have to use 4 digit HSN code. First 2 digit of HSN code required if Turn Over from 1.5cr to 5cr. Further, dealers having an annual turnover of more than Rs 1.50 Crores but less than Rs 5 Crores are required to use 2 Digit HSN Codes in their invoices for the goods supplied by them. The 4-digit HSN code on the B2C invoices to these taxpayers is however optional. For . 12/2017 & 78/2020 (Central Tax), are the minimum number of digits of HSN to be mentioned on the invoice. . Changes in HSN requirement in the tax invoices. Time limit of rectification and considering left out invoices is same as mentioned in point no. Taxpayers may, therefore note that based on the harmonious interpretation of the Notifications, as referred above, read with Customs Tariff Act, 1975, as made applicable to GST; the number of digits of HSN, as specified vide Notifications No. TURNOVER OF TAX PAYER IN LAST YEAR. HSN codes for goods at 6 digits are universal. According to the law: Dealers with an annual turnover of less than Rs 1.5 crores are not required to use HSN codes when creating invoices or filing returns. Large businesses with an aggregate turnover above 5 crores in a financial year are required to issue a 6-digit HSN code instead of the previously practised 4-digit one. After this move, there is no need for small taxpayers to mention HSN codes in their taxable income. HSN is a 6 digit code, however, in India 2 more digits are adopted for deeper classification and hence in India 8 digit code is adopted. 4. 5 crores - HSN code at minimum 4 digit chapter level is mandatory. Therefore, mentioning HSN code in the tax invoice was compulsory under GST for taxpayers having an annual turnover more than Rs. If your business has a turnover exceeding INR 5 Crores, it is mandatory to have a 6-digit HSN Code for each item in both - B2B and B2C Invoices. 0. Businesses that have a turnover of more than Rs 5 crore must use 4-digit HSN codes; Businesses that deal with imports and exports have to use an 8-digit HSN code; Within the context of GST, HSN codes are used in order to make GST something that is used worldwide. 1. And, if the supply is to and unregistered person then there is no requirement for mentioning HSN on the invoice. HSN code turnover limit & HSN code applicability 1 Taxpayers with MORE than INR 5 Crore aggregate turnover Any taxpayer, whose annual aggregate turnover exceeds the limit of INR 5 Crore, has to mandatorily mention the HSN code on all his tax invoices. 1.5 crores and below 5 crores will be required to use 2-digit codes. 5 crore during FY 2020-21: 4digit of HSN code mandatory for all B2B invoice and optional for all B2C invoice. The government has notified that from 1st April onwards, it will become mandatory to report minimum 4 digit or 6 digits of HSN (Harmonized System of Nomenclature) Code in Table-12 of GSTR-1 and in Tax Invoice. Wooden frames for painting, photographs, mirrors etc. In other words, it is optional in respect of B2C transactions. 4 digit of HSN code required if Turn Over is Above 5cr.. HSN code in GSTR 1, The government has released that from 01/04 onwards, it would become compulsory to report a minimum of four-digit and six-digit HSN code in table-12 of GSTR 1 and tax invoice. Taxpayers are required to mandatorily report 4-digit HSN codes for goods . The small dealers under composition scheme will . More than 1.5 crores business limitation is receiving the digits of 2 in the GST filing process. Amendment in the Provisions of HSN under GST. From 1 April 2021, it has become mandatory to report a minimum of 4 digit or 6 digits HSN (Harmonized System of Nomenclature) Code in Tax Invoice and Table-12 of GSTR-1. The turnover for previous year will be considered as a basis to find out number of HSN digits to be used. 5 crore shall use 2 digit HSN code, Taxpayers whose turnover is below Rs. Notification No. HSN/ SAC codes The taxpayers who have turnover below the limit of Rs 1.5 Crore will have to mention the description of goods/service in place of code. Conclusion: HSN classification is widely used for taxation purposes by helping to identify the rate of tax applicable to a specific product in a country that is under review. A taxpayer having turnover of upto Rs 5 crore in the preceding financial year is required to furnish 4 digits HSN code on B2B invoices. Who is eligible for HSN code? 5 Crs then, they must adopt 2 digit HSN codes for the business trades. 2 Like Leave a reply Businesses with turnover of more than Rs 5 crore will have to furnish six-digit HSN or tariff code on the invoices issued for supplies of taxable goods and services from April 1, the Finance Ministry said on Wednesday.. Those with turnover of up to Rs 5 crore in the preceding financial year would be required to mandatorily furnish four-digit HSN code on B2B invoices. 5 crores and above will be required to use 2-digit codes. Compliance solutions right from invoicing to filing returns to e-invoicing, are just a click away. 5 crores. Declaration of 4 or 6 digit HSN code was made mandatory in GST invoice from 01.04.2021 and later a list of 4 and 6 digit HSN and SAC code was released by CBIC . 5 crore - 4 digit HSN code is mandatory. If the business turnover is less than Rs.1.5 crores then there is no need of adopting the HSN codes. Trending search 3. mandatorily furnish 4 digits HSN code on B2B invoices. Know 6-digit HSN code mandatory for invoices for biz with over Rs 5cr turnover from 1 April 2021. In case of imports and exports the SAC codes will be 8-digits. While notifying the HSN Code for these products, the Central Board of Indirect Taxes and Customs (CBIC) said, "A registered person shall mention eight number of digits of HSN Codes in a tax invoice issued by him." Currently, businesses mention up to 4-digit tariff code while issuing invoices. 12/2017 & 78/2020 (Central Tax), are the minimum number of digits of HSN to be mentioned on the invoice. 78/2020- Central Tax dated 15.10.2020, the CBIC announced that w.e.f 01.04.2021, It would be mandatory to declare the HSN Code on the TAX Invoices of Goods and Services. Select 4-digit HSN Code or SAC if your business's annual turnover was less than 5 crores in the previous year. 10 crore from Rs. But with Notification 90/2020 8 digit HSN has to included in tax invoice for specified products irrespective of the turnover, Therefore, common HSN codes apply to Customs and GST. 78/2020 has been issued wherein changes have been made in the Notification No 12/2017- Central tax dated 28-6-2017 with effect from 1st April, 2021. 2. The HSN has 21 sections, with 99 Chapters, about . It is acceptable worldwide in the course of business which facilitates international trade as well. All 8 digits of HSN code is mandatory in case of export and imports under the GST. 2-digit codes: Businesses with an annual turnover above Rs. Earlier, the requirement was 4 digits and 2 digits respectively. 78/2020 - Central Tax, dated 15.10.2020 has been issued to make HSN code mandatory up to 4 digits in the B2B invoices with effect from 01.04.2021 issued by taxpayers whose aggregate turnover in the preceding financial year is upto Rs. Compulsory mention of 4 digit HSN code on invoices upto turnover 5 crore CA. Overall turnover of the business and its limitation is crossing the level of the limit more than 5 crores the HSN code will be comes under the 4 digit number. These HSN codes must be declared in every tax invoice issued by the taxpayer under GST. The Taxpayers whose aggregate Turnover is up to Rs. Taxpayers with a turnover between Rs. The taxpayers whose annual turnover is above 1.5 crores but below 5 crores will have to use 2 digit HSN code. The condition for compulsory GST registration even under Rs.40 lakh turnover limit for supply of goods, being suppliers of Brick Kilns where the description of fly ash bricks had a condition of 90% or more ash content has now been removed w.e.f 18th July 2022. . Till now we were using 4 digit HS code in tax invoices, however the rule is changing from April 1, 2021. Business that have a turnover of 5 crores and above will require to use 4 digit SAC/ HSN codes. All TR Suppliers in India will have to comply with the aforesaid requirement. 9701. They must adopt 2 digits, 4 digits, and 8 digits HSN codes depending upon the following criteria. 5 crores - HSN code at minimum 4 digit chapter level is mandatory. 78/2020- Central Tax dated 15th October, 2020 making changes in the HSN requirements in the tax invoices. If some items have HSN Code that exceeds 4 digits, you may choose to mention HSN code accordingly, say, 6-digit HSN Code or 8-digit HSN Code. SAC code is mandatory. Tags: goods and services tax, GST Under the HSN module the classification of the goods into different, Who is eligible for HSN code? For taxpayer with aggregate annual turnover upto Rs. 5 crores shall use 2 digit code and the taxpayers whose turnover is Rs. This . Taxpayers whose turnover is above Rs. The Goods and Service Tax Network (GSTN) has notified the impending changes in GSTR-1 Table-12 on GST Portal. 1.5 crore but below Rs. Site. 06/2020-Integrated Tax dated 15th October, 2020 5 crore and above shall use 4 digit HSN code, Taxpayers whose turnover is above Rs. April 1, 2021: S. No. A taxpayer having turnover of upto Rs 5 crore in the preceding financial year is required to furnish 4 digits HSN code on B2B invoices. The above changes of mentioning 4/6 Digit HSN/ SAC code, as applicable, are also required to be shown in Table 12 of Form GSTR-1 (i.e., details of outward supplies of goods or . With effect from the 1st April, 2021, it has been made mandatory for a GST taxpayer, having turnover of more than Rs 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 . 1.50 crores. 5 crores and above shall use 4 digit code. Now, they shall vary according to the size of the aggregate turnover of the business. up to turnover of Rs.5 cr, 4-digit HSN code is mandatory in respect of B2B transactions. It can also be used in calculations that involve claiming benefits. UPTO 150 LAKHS (1.5 CRORE) NOT REQUIRED. Above Rs. 4 digit han code is optional for B2C for turnover below5cr How to file gstr1 hsn summary for B2C transactions www.Taxlok.com Contact No. More than INR. A business whose turnover is less than INR 1.5 crore need not quote HSN in the invoice, A business with turnover between INR 1.5 crore and INR 5 crore will need to quote a 2-digit HSN, 5 crores in the preceding financial year. Via Notification No. Digits of HSN code. Therefore, common HSN codes apply to Customs and GST. Prior to the date , quoting of HSN /SAC code was not mandatory on invoices for taxpayers with turnover less . Taxpayers Have Mandatorily Declare HSN/SAC Codes In GST Tax Invoices From 1st April, 2021 E-Invoicing has been made applicable from 1st October 2020 to all businesses whose aggregate turnover has exceeded Rs.500 crores limit in any of the preceding financial years from 2017-18 to 2019-20. Turnover limit for E-invoicing reduced to Rs. As per the Notification the tax payer whose aggregate turnover in the preceding financial year was up to five crores then HSN at 4 digits level is required to be mentioned on the invoice. This will be compulsory in case of import/export of goods. GST GST Compliance. Sachin Jindal HSN (Harmonised System of Nomenclature) codes are unique codes assigned to different classes of product and it helps in easy identification of products. 1.5 crore are not required to mention HSN code in their invoices, 1st April 2021.. Find HSN Code, SAC for GST Rates from Verified Sources. This code is mandatory for both B2B and B2C businesses in this bracket. 1.5 crore to upto 2.5 Crore first 2 digits is required and upto 5 crore 4 digits is required. 12. hsn code on turnover limit Prakash Chauhan 02 September 2017 hsn not required in gst of how much turnover Reply 1 Replies ashish (no) (42 Points) Replied 02 September 2017 upto 1.5 crore hsn code is not required. Taxpayers with a turnover that exceeds Rs. 8-digit codes: This is the worldwide standard. For export turnover, 8-digit HSN code is mandatory irrespective of any of the above 3 categories. 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