SAC - HSN code under GST
HSN codes at 8 digits will be mandatory in case of export and imports. The GST law has to be compatible with international standards.
For taxpayers with turnover between Rs 1.5 Crores and Rs 5 Crores in the preceding financial year, HSN codes need to be specified only at 2-digit chapter level.Â
HSN code of 4 digits will be mandatory for taxpayers having turnover more than 5 crores. Turnover will be taken on self-declaration basis for IST year and afterwards turnover of the previous year shall be used. #zip