if my turnover is up to 1.5 cr so hsn code is mandatory from 1st April 2021 or not and if I filed all gstr 1 till July return without hsn what will be rssult for it.
thank you in advance
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HSN code mendatory or not
Replies (8)
No HSN code is not required as turnover is less than 1.5 crores rupees
4 digits HSN code is mandatory in invoices and in GSTR1 from 1/4/2021 turn over up to 5 crore .
4 digits HSN code is mandatory in your case..
If turnover is up to 5 Crores, Only in the case of B2C supply, HSN code is not mandatory. Otherwise, 4 digit HSN code is mandatory. Non-compliance may result in a Penalty of up to Rs.25,000/-
The dept can impose general penalty but the chances are less I think. Hereafter ensure to include 4 digit HSN code at least in respect of B2B transactions
Thank you very much for all of experts suggestion
Not mandatory b2c only,but interstate and bulk quantity is mandatory otherwise tax and penalty leviable.
The mandatory reporting of HSN codes was introduced while preparing the GSTR-1 return from 1st April 2021. As per the revised declaration, taxpayers with an annual aggregate turnover of more than Rs. 5 crore must mandatorily declare six digits of the HSN code on all the tax invoices.
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