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GST E-Invoice System Update: Mandatory Inclusion of 6-Digit HSN Code for High-Turnover Taxpayers Goods and Services Tax (GST) E-invoice system has introduced a crucial update that will impact taxpayers with an Aggregate Annual Turnover (AATO) of 5 Crore and above. As of the latest update on December 4, 2023, it has been mandated that a minimum of 6 digits of the Harmonized System of Nomenclature (HSN) code will be compulsory in e-Invoices for this particular category of taxpayers. This reg
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FAQ :
Taxpayers with an Aggregate Annual Turnover (AATO) of 5 Crore and above are required to use the 6-digit HSN code.
The mandate for using a minimum of 6 digits of the HSN code on e-invoices comes into effect from December 15th, 2023.
HSN stands for Harmonized System of Nomenclature, which is a standardized international system for classifying products.
The change aims to enhance transparency, streamline the tax reporting process, and improve the accuracy and efficiency of the GST framework by capturing more detailed transaction information.
Businesses falling within the specified turnover range should update their invoicing systems to ensure they can generate e-invoices with the required 6-digit HSN code.
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