The Central Board of Indirect Taxes and Customs (CBIC) reminded the HSN Code on GST Tax Invoice Mandatory w.e.f. 1st April 2021.
The Taxpayers whose aggregate Turnover is up to Rs. 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.
The Taxpayers whose aggregate Turnover is more than Rs. 5 crores in the preceding Financial Year HSN code of 6 digits is mandatory for both B2B and B2C tax invoices on the supplies of Goods and Services.
It is noteworthy, important system changes need to be integrated in your e waybills, Delivery challans, Tax invoices, GSTR 1 reporting, Shipping bills , GST refund applications and further note that options available for nonreporting under Table 17 and Table 18 would be done away from FY 2122 positively.
For nonreporting in Table 17 and Table 18 in GSTR 9 of FY 2021, we need to wait for the notification which may be issued by appropriate notification.
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