Rahmathullah p (101 Points)
09 July 2021
Deepa B
(Practicing Chartered Accountant )
(573 Points)
Replied 09 July 2021
From 1.4.2021, it is compulsory to mention HSN/SAC code on invoices issued to B2B customer for entity's with turnover up to Rs.5 crores. Non-furnishing HSN in GSTR-1 might attract a general penalty of maximum Rs.25,000 each for CGST and SGST-Section 125
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 09 July 2021
Yes, penalty can be levied by the department but the chances are less I think. Just ensure to include HSN code from now onwards.
CA Altamush Zafar
(GST Consultant)
(15971 Points)
Replied 09 July 2021
At present no penalty is being charged but ensure compliance from next return.
CAclubindia
