GSTN enables Auto-population of HSN description based on HSN Code

The Goods and Service Tax Network (GSTN) enabled the Auto-population of Harmonized System of Nomenclature (HSN) description based on HSN code on the GST portal. 

The main purpose of HSN is to classify goods from all over the World in a systematic and logical manner.

 

The taxpayers have to prepare HSN-Wise Summary to capture the Correct HSN and Rate.

 

W.E.F the 1st April, 2021, it has been made mandatory for a GST taxpayer, having turnover of more than Rs 5 crore in the preceding financial year, to furnish 6 digits HSN Code (Harmonised System of Nomenclature Code), or as the case may be, SAC (Service Accounting Code) on the invoices issued for supplies of taxable goods and services. 

 

A taxpayer having turnover of upto Rs 5 crore in the preceding financial year is required to mandatorily furnish 4 digits HSN code on B2B invoices. 

 

Earlier, the requirement was 4 digits and 2 digits respectively. For more details, notification No. 78/2020-Central Tax, dated 15.10.2020 

 

This brings in a uniform classification of goods and facilitates international trade.

 

 Now the section of the Auto population of HSN Description consists of HSN, Description, UQC, Total Quantity, Total Taxable Value, Rate, Integrates tax (IGST), Central Tax (CGST), State or Union Territory Tax (SGST OR UTGST), and Cess.



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Disclaimer:

The purpose of this is to share knowledge and it is for education purpose only. This does NOT constitute NOR does this form part of neither it is to be construed as, A LEGAL OPINION. The analysis is solely based on the reading abilities of the Author. They may be correct/incorrect as per you. No representation or warranty, express or implied, is made or given in respect of any information provided. UNDER NO circumstances should any recipient rely on this communication as a basis for any legal decision. The views expressed are of personal to the author. They do not reflect the views of any organization he may be directly/indirectly associated with. Neither author nor any of its affiliates accepts any legal liability, or responsibility, for, or provides any assurance or guarantee of accuracy, authenticity, completeness, correctness, dependability, reliability, suitability or timeliness of, any part of this article. The contents of this article are based only on the understanding of the Law, Rules, Notifications, etc. of the author and THEY ARE NOT BASIS FOR ANY LEGAL OPINION.


 

 

 


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