Goods and Services Tax : While HSN mirroring works for goods, it creates classification errors in services. The key takeaway is that service classification...
Goods and Services Tax : GST may appear simplified, but HSN classification remains central to compliance and disputes. Incorrect classification can lead to...
Goods and Services Tax : A common point of confusion for millions of grocery store owners and other small retailers in India is whether they must include H...
Goods and Services Tax : Explore GST Reverse Charge Mechanism (RCM) with a master chart detailing applicable services and goods, HSN/SAC codes, rates, and...
Goods and Services Tax : From January 2025, reporting HSN codes in GSTR-1/1A Table 12 is mandatory. Key changes include auto-populated descriptions, dropdo...
DGFT : Union Commerce Minister Piyush Goyal has launched a guidebook mapping 12,167 HSN Codes to 31 ministries, aiming to improve policy,...
Goods and Services Tax : As per Notification No. 78/2020 – Central Tax dated 15th October, 2020, it is mandatory for taxpayers to mention 6-digit HSN C...
Goods and Services Tax : GST helpdesk is in receipt of some tickets at helpdesk wherein it was reported that certain 6-digit HSN codes are not available in...
Goods and Services Tax : GSTN updates GSTR-1/1A reporting. HSN code reporting in Table 12 is mandatory (4/6 digits based on turnover). Table 13 (document d...
Goods and Services Tax : GST mandates 4-6 digit HSN code reporting in GSTR-1/1A. Phase 3 starts Feb 2025 with stricter validations for B2B & B2C supplies. ...
Goods and Services Tax : It is now mandatory for taxpayers to report a minimum of six-digit valid HSN code for their outward supplies having AATO of more t...
Goods and Services Tax : A revamped & enhanced version of Search HSN Functionality has been launched on the GST Portal. The Search HSN functionality ...
Goods and Services Tax : Advisory on HSN and GSTR-1 Filing | 26/08/2021 1. In accordance with Notification No. 78/2020 – Central Tax, dated October 15, 2...
What Is HSN and its importance HSN is a short form for Harmonized System of Nomenclature introduced by the world customs organization in 1988 to identify and classify goods for levying custom duty. HSN avoids goods being classified differently in different custom zones of the various ports, thus bringing certainty to the taxation part of […]
GST Returns- New Functionality i. Moving the records saved in IFF, to later months of same Quarter, by taxpayers under QRMP Scheme Following enhancements have been made for the taxpayers under QRMP Scheme in the Invoice Furnishing Facility (IFF): Taxpayers can now MOVE the records saved in their IFF of first month of a quarter […]
Dear Friends, Nowadays it’s a big question that HSN/SAC code will be applicable on Exempt Goods / services, Composition registered person. Let’s Discuss this Situation with the provision of Law. Provision of Law Notification No. 78/2020-Center tax Dated: 15/10/2020 Notification No. 12/2017- Central Tax Dated: 28/06/2017 According to Notification No. 78/2020-Center tax Dated : 15/10/2020 […]
Guidance Notes On Mentioning Of HSN & SAC Codes And Furnishing The Details Of Nil Rated, Exempted, And Non GST Supplies In FORM GSTR-1w.E.F.1.4.2021-Reg Guidance Notes on supply of Exempted Goods and Services- Whether Mandatory to mention HSN Code &SAC Code on Invoice – How and Where to mention such supply of Exempted Goods and […]
HSN & SAC Code Are Mandatory In Invoice And Form GSTR-1 W.E.F.01.04.2021 Brief Notes on mandatory mentioning of HSN & SAC Code in Invoice and Form GSTr-1 as per amendments to GST Law, 2017 w.e.f.01.04.2021. Dear Professional Colleagues, Good Day to you. I have gone through recent changes about mandatory to mention HSN & SAC […]
Notification No. 88/2020 dated 15.10.2020 (Central Tax) In the said notification w.e.f 01.04.2021 Those Tax Payer whose Aggregate Turnover above Rs.5 Crore during the Financial year (2020-2021), 6 Digit HSN/SAC for Goods & Services to be mentioned in all Type of Tax Invoices. AND Those Tax Payer whose Aggregate Turnover upto Rs.5 Crore during the […]
HSN Reporting Changes I have in this article attempted to explain the changes in HSN Reporting from May 2021 in GSTR 1, as I feel that many members may have questions in respect of same. This is an effort to address and provide answers to select questions for the benefit of all. Table 12- Reporting […]
GST – Major Change to be executed in GSTR 1 filed from 1st May 2021 onwards. 1st April 2021 marked the new change for imposition of 4/6/8 digit HSN/SAC codes regarding HSN/ SAC codes as below link. https://taxguru.in/goods-and-service-tax/16-bullet-points-gst-hsn-code-requirements.html 12 points need to be noted for the GSTR-1 for the month of April 2021 to be […]
I have been watching lot of questions about use of SAC classifications in several groups. I am enclosing herewith list of illustrative SAC classification of services as applicable from July 1,2017. Please note that no specific exemption was available for non-quoting of SAC from the day one of GST Act 2017 Note: All users are […]
GST helpdesk is in receipt of some tickets at helpdesk wherein it was reported that certain 6-digit HSN codes are not available in HSN Master/ not accepted on e-invoice/e-Way bill portals.
