If you’re a business owner or a tax professional, it’s important to stay up-to-date with the latest regulations and advisories related to the Goods and Services Tax (GST) in India.
Recently, the GSTN released an advisory related to the reporting of HSN codes in e-invoices on the IRPs portal.
In this post, we’ll understand all the crucial details of the advisory.
Information about a new tax rule regarding the reporting of HSN codes for sales
The new rule that we want to inform you about is related to taxes. It is called notification no. 78/2020 – Central Tax dated October 15, 2020. This rule applies to you if you made over 5 crores in sales in the previous financial year.
According to this rule, you must report a valid six-digit code for the things you sold. The code is called HSN code, and it helps the government identify the type of goods you sold.
The advisory further mentions that this rule is already in place for GST, which stands for Goods and Services Tax.
We are now working to implement it on the IRPs portal with the help of our partners, including NIC.
If you don’t have a valid six-digit HSN code for a product, you can use an eight-digit code instead of making up a fake six-digit code.
We understand that this new rule might require you to make some changes to your systems.
We want to assure you that we will give you enough time to make those changes.
We will let you know the exact date when this rule will start very soon.
GSTN launches e-invoice registration services with private IRPs
Moreover, If you want any other guidance relating to GST Registration online, please feel free to talk to our business advisors at 8881-069-069.
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