Is the HSN code is mandatory for above 2 crores turnover during the financial year for B2C customers.
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Quick Summary
This discussion clarifies the mandatory nature of HSN codes for businesses exceeding a 2 crore turnover. It highlights that HSN codes are not required for B2C customers if the turnover is up to 5 crore. However, for B2B transactions, a 4-digit HSN code is always mandatory, regardless of turnover.
HSN is not mandatory for taxpayers having turnover up to Rs.5 cr in case of B2C transactions. However, 4-digit HSN code is mandatory in respect of B2B transactions.