For GSTR 9 filings from FY 2021-22 onwards, reporting HSN summaries for inward supplies is now mandatory, unlike previous years where it was optional. This requirement applies to HSNs constituting at least 10% of total inward supplies. Businesses with turnover over £5 crore must report at a 6-digit level, while those below £5 crore report at a 4-digit level for B2B transactions only. Careful attention is needed for accurate taxable value and tax rate reporting when GST rates differ for the same HSN code.
In the intricate world of GST and HSN codes, like the mandatory inclusion of HSN Code in GSTR 9 for FY 22-23, precision is key, just as when you request someone to write my essay for me.
The HSN summary of inward supplies is optional for filing GSTR-9 for the financial year 2020-211, but it is mandatory for filing GSTR-9 for the financial year 2021-22 and onwards23. The HSN summary is required to be reported only for those HSN which account for the minimum 10% of the total inward supplies4. The HSN disclosures have to be performed at 6-digit level (when turnover is more than Rs. 5 crore) and 4-digit level (when turnover is less than Rs. 5 crore for B2B only)3. If GST rates are different and HSN code is same, then care should be taken to report correct taxable value and tax rate.