10 April 2024
Confused over the reporting of HSN in Gstr1! Some sites states it is not compulsory for small dealers with annual turnover below 1.5 crore to report HSN in their GSTR1. If it is mandatory, what is the penalty for non filing of HSN in Gstr1 for dealers under 1.5 crore turnover?
10 April 2024
Effective October 2023, all GST taxpayers with an aggregate turnover of Rs. 5 crores or more are required to use a 6-digit HSN code in their e-invoices and e-way bills. Taxpayers with an aggregate annual turnover of less than Rs. 5 crore must use at least a 4-digit HSN code. On the other hand, an 8-digit HSN code is only applicable for the import and export of goods.
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