Quick Summary
HSN Code/ Service Accounting Code mandatory on invoices as per revised requirement from 1st April 2021 for GST taxpayer with turnover of more than Rs 5 crore With effect from the 1stApril, 2021, it has been made mandatory for a GST taxpayer, having turnover of more than Rs 5 crore in the preceding financial year, to furnish 6 digits HSN Code (Harmonised System of Nomenclature Code), or as the case may be, SAC (Service Accounting Code) on the invoices issued for supplies of taxable goods and s
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FAQ :
From April 1st, 2021, GST taxpayers with a turnover of more than £5 crore in the preceding financial year must furnish a 6-digit HSN Code or SAC on their invoices.
Businesses with a turnover of up to £5 crore in the preceding financial year are required to mandatorily furnish a 4-digit HSN code on B2B invoices.
HSN Code stands for Harmonised System of Nomenclature Code, which is a universally common 6-digit code for goods used in both Customs and GST.
SAC stands for Service Accounting Code, which is used for classifying services under GST.
The official notification for this change is Notification No. 78/2020-Central Tax, dated 15.10.2020.
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