๐‡๐’๐ / ๐’๐€๐‚ ๐‚๐Ž๐ƒ๐„ ๐Œ๐€๐๐ƒ๐€๐“๐Ž๐‘๐˜ ๐…๐‘๐Ž๐Œ ๐ŸŽ๐Ÿ๐ฌ๐ญ ๐€๐๐‘๐ˆ๐‹ ๐Ÿ๐ŸŽ๐Ÿ๐Ÿ

The Taxpayers whose aggregate Turnover is up to Rs. 5 crores in the preceding Financial Year HSN / SAC code of 4 digits is mandatory for all the B2B tax invoices and optional for B2C tax invoices on the supplies of Goods and Services.

The Taxpayers whose aggregate Turnover is more than Rs. 5 crores in the preceding Financial Year HSN / SAC code of 6 digits is mandatory for both B2B and B2C tax invoices on the supplies of Goods and Services.

๐‚๐จ๐ง๐ฌ๐ž๐ช๐ฎ๐ž๐ง๐œ๐ž๐ฌ ๐จ๐Ÿ ๐๐จ๐ง ๐ฆ๐ž๐ง๐ญ๐ข๐จ๐ง๐ข๐ง๐  ๐จ๐Ÿ ๐‡๐’๐ / ๐’๐€๐‚ ๐œ๐จ๐๐ž ๐จ๐ซ ๐ฆ๐ž๐ง๐ญ๐ข๐จ๐ง๐ข๐ง๐  ๐ข๐ง๐œ๐จ๐ซ๐ซ๐ž๐œ๐ญ ๐‡๐’๐ /๐’๐€๐‚ ๐œ๐จ๐๐ž.

1. ๐ˆ๐ง๐ฏ๐จ๐ข๐œ๐ž ๐ฐ๐ข๐ฅ๐ฅ ๐›๐ž ๐ญ๐ซ๐ž๐š๐ญ๐ž๐ ๐š๐ฌ ๐ข๐ง๐ฏ๐š๐ฅ๐ข๐ ๐ˆ๐ง๐ฏ๐จ๐ข๐œ๐ž: Invoice will be treated as Invalid Invoice in case of Non mentioning or incorrectย mentioning of Requisite particulars on Invoice.

2. ๐๐ฎ๐ฒ๐ž๐ซ ๐ฐ๐ข๐ฅ๐ฅ ๐ง๐จ๐ญ ๐›๐ž ๐š๐›๐ฅ๐ž ๐ญ๐จ ๐œ๐ฅ๐š๐ข๐ฆ ๐ข๐ง๐ฉ๐ฎ๐ญ ๐ญ๐š๐ฑ ๐œ๐ซ๐ž๐๐ข๐ญ: One of theย requirement of claiming input tax credit is that invoice should beย complete in all respects as mentioned in Section 31 and this section requires to mention HSN for goods and services on theย invoice. So if you are furnishing incorrect HSN Code, buyer will not be able to claim input tax credit.

3. ๐๐ž๐ง๐š๐ฅ๐ญ๐ฒ ๐Ÿ๐จ๐ซ ๐ข๐ง๐œ๐จ๐ซ๐ซ๐ž๐œ๐ญ ๐ข๐ง๐ฏ๐จ๐ข๐œ๐ข๐ง๐ : Penalty of Rs. 25,000 under section 125 of CGST Act.

Author Bio

Qualification: CA in Practice
Company: KKGPA & Associates LLP
Location: Delhi, Delhi, India
Member Since: 07 Apr 2021 | Total Posts: 1
Mr. Puneet Arora, Associate Member of The Institute of Chartered Accountant of India, is the Founder of Puneet Arora & Associates and KKGPA & Associates LLP, Chartered Accountants. He has worked with professionally managed corporates in capacity as a consultant. He has experience of handling View Full Profile

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