CA Umesh Sharma
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Arjuna (Fictional Character): Krishna, what is reporting requirement of Inward and Outward Supplies HSN Code in GSTR-9? Krishna (Fictional Character): Arjuna, From FY 2021-22 onwards, it shall be mandatory to report HSN Summary for Outward Supplies in Table 17 at 6 digits for taxpayers having ann
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FAQ :
Yes, HSN summary is required for both taxable and exempted supplies, including items like bank interest and dividends.
For taxpayers with turnover over Rs. 5 Cr, HSN reporting is mandatory for all transactions. For those with turnover below Rs. 5 Cr, B2B supplies are mandatory, while B2C transactions are optional, though recommended for reconciliation.
It is advisable to report net outward supplies in Table 17 to ensure it matches the total turnover shown in Table 13 of the annual return.
It is advised to report 6-digit HSN codes in GSTR-9, as technical errors have been reported when uploading 4-digit HSN codes on the GST portal.
In such cases, reconciliation of the HSN Summary with the books is necessary, as Table 17 will only report positive figures and does not accept negative amounts for an HSN.
Incorrect HSN/SAC codes can lead to varying tax liabilities and impact a buyer's ability to claim input tax credit, as these codes are linked to GST rates and invoice requirements.
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