The Central Board of Indirect Taxes and Customs (CBIC) notified the Number of Digits of Harmonised System of Nomenclature (HSN) Code for different turnovers under the notification pertaining to the Exemptions on supply of services under CGST Act.
The Board seeks to amend Notification No.12/2017 – Central Tax, dated the 28th June, 2017, wherein it issues exemption on the intra-State supply of certain services.
The board notified that if the taxpayer has the aggregate Turnover in the preceding Financial Year is up to Rs. 5 crores then the HSN Code will be 4.
The board notified that if the taxpayer has the aggregate Turnover in the preceding Financial Year is more than Rs. 5 crores then the HSN Code will be 6.
The notification will come into effect from April 1, 2021.
“Provided that a registered person having aggregate turnover up to five crores rupees in the previous financial year may not mention the number of digits of HSN Code, as specified in the corresponding entry in column (3) of the said Table in a tax invoice issued by him under the said rules in respect of supplies made to unregistered persons,” the notification said.Subscribe Taxscan AdFree to view the Judgment