Turnover below 1.5

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101 Points Posted on 09 July 2021
Not mentioned SAC in GSTR 1 for the month of April'21 and May'21. Turnover is below 1.5 Crores. Please confirm whether any penalty will be levied for this?
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On 09 July 2021 at 07:55 Report
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Quick Summary
If your business turnover is below 1.5 Crores and you missed including SAC codes in your GSTR 1 for April and May 2021, you might be wondering about penalties. While it's now mandatory to include HSN/SAC codes for B2B invoices for entities with turnover up to 5 Crores from April 1, 2021, penalties for non-compliance are not always levied, especially for smaller turnovers. It's advisable to ensure all future returns are compliant.

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Practicing Chartered Accountant
573 Points Posted on 09 July 2021

From 1.4.2021, it is compulsory to mention HSN/SAC code on invoices issued to B2B customer for entity's with turnover up to Rs.5 crores. Non-furnishing HSN in GSTR-1 might attract a general penalty of maximum Rs.25,000 each for CGST and SGST-Section 125

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On 09 July 2021 at 12:32
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CMA
13117 Points Posted on 09 July 2021

Yes, penalty can be levied by the department but the chances are less I think. Just ensure to include HSN code from now onwards.

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On 09 July 2021 at 13:21
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GST Consultant
15986 Points Posted on 09 July 2021

At present no penalty is being charged but ensure compliance from next return.

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On 09 July 2021 at 18:58

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