Save Rs 499 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

HSN WISE SUMMARY GROSS OR NET

761 views

Save Share

Join Us Follow Us Add as Source

mahipal m. chande

217 Points Posted on 02 February 2022

IS HSN WISE SUMMARY REQURED TO BE REPORTED IN GSTR 1 SHOULD BE NET OF CREDIT NOTES OR ON A GROSS BASIS?

Replies (3)

Quick Summary

This discussion addresses whether the HSN-wise summary required in GSTR 1 should be reported on a gross or net basis, considering credit notes. The consensus leans towards reporting on a net basis, reflecting the actual supply made. It also touches upon the mandatory requirement of reporting HSN numbers for businesses with turnover exceeding Rs. 5 crores, as per a circular from April 2020.

CA Altamush Zafar

GST Consultant

15986 Points Posted on 02 February 2022

In my opinion on net basis since that denotes the actual supply

sabyasachi mukherjee

Profession Business

28246 Points Posted on 03 February 2022

There is a circular in HSN number there is a circular in April 2020.
Turnover exceeding Rs.5 crores need to give HSN number. It is mandatory.
Here the querist must mention that.
If it is above rs.5 crores then it's OK.