In a significant move, the Goods and Services Tax (GST) portal has asked taxpayers with up to Rs 5 crore turnover to report 4-digit HSN codes in their GSTR-1 from 1st November 2022.
As per Notification No. 78/2020 – Central Tax dated 15th October 2020, it is mandatory for the taxpayers to report a minimum 4 digit or 6-digit HSN Code in table-12 of GSTR-I on the basis of their Aggregate Annual Turnover (AATO) in the preceding Financial Year.
“To facilitate the taxpayers, these changes are being implemented in a phase-wise manner on GST Portal,” the portal said in an advisory to the taxpayers.
“Part I & Part II of Phase 1 have already been implemented from 01st April 2022 & 01st August 2022 respectively and are currently live on GST Portal. From 01st November 2022, Phase-2 would be implemented on GST Portal, and the taxpayers with up to Rs 5 crore turnover would be required to report 4-digit HSN codes in their GSTR-1,” the GSTN said.
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