HSN Code Based on Turnover Taxpayers with a turnover between Rs. 1.5 crore and Rs. 5 crore must mention a two-digit HSN code. Taxpayers with a turnover exceeding Rs. 5 crore must mention a four-digit HSN code. The Importance of the SAC Code Classification and Taxation SAC codes are es...
Taxpayers with a turnover between Rs. 1.5 crore up to 5.00 crore must mention only two digits of the HSN code. Taxpayers with a turnover that exceeds Rs. 5.00 crore must mention five digits of the HSN code. Aerial photo of the front end of a large fully loaded container ship. Understan...
5. Is it mandatory to use the HSN code for every business transaction? Yes, it is mandatory to use the HSN code for all goods and the SAC code for all services in every business transaction under the GST regime. The requirement varies based on the turnover of the business. ...
When a seller issues an invoice for goods and services, he needs to mention the HSN/SAC code in the invoice, which is based on the total turnover of his business. 4. GST Returns When the taxpayer files the GST Return, he needs to report the HSN Summary. The summary consists of the ...
Under GST law, the HSN code to be used by a taxpayer for classification of goods will be based on the taxpayer's turnover. The HSN code needs to be declared on the tax invoice and also to be reported while filing the GST returns. ...
minimum 6-digit HSN code in both their e-Invoices and e-Waybills, according to the GST E-way bill system update on September 5, 2023. Also, companies that generate less than this turnover threshold ought to include a minimum 4-digit HSN code in their GST E-Way B...
Since from 1st April 2021 it is important for the GST assessee who posses the turnover exceeds 5 cr in the before fiscal year, to file 6 digits HSN Code (Harmonised System of Nomenclature Code), or as the case may be, SAC (Service Accounting Code) upon t
With GST taking control most of the business owners will have to take up two to four or eight digits HSN codes for their goods and services depending on their turnover for a year. Dealers who have a turnover of Rs 1.5 crores up to 5 crores will have to use two digit HSN code. ...
effect from 01.04.2021 issued by taxpayers whose aggregate turnover in the preceding financial year is upto Rs. 5 crores. For the taxpayers whose turnover in the preceding financial year is more than Rs. 5 crores, HSN code is mandatory up to 6 digits in invoices with effect from 01.04....
Business with a turnover ofmore than 5 croreneed to include a6-digit HSN / SACcode, mandatory on all invoices You can find more information on HSN/SAC codes and GST on theCentral Board of Indirect Taxes & Customsof the Government of India official website. You can find out what HSN /...