What is HSN Code Under GST
- Blog|GST & Customs|
- 1210 Views
- 2 Min Read
- By Taxmann
- Last Updated on 1 March, 2022
GST Made Easy provides an Updated, Comprehensive & Simplified Analysis of each provision of the GST Law. The objective behind this book is that the understanding of GST should be as easy as ABC. This book provides answers to all your practical queries on GST.
HSN Codes for GST in India:
HSN will be applicable in India after implementation of GST. India has already been using HSN system in the Central Excise and Customs regime. It is a much more detailed classification that added another two digits to the 6-digit structure. There is a requirement to mention HSN code of items in tax invoice under GST. Provisions related to HSN under GST are given below:-
• Now the Govt. has given some relief to small taxpayer with annual turnover up to Rs 1.50 crores in the preceding financial year need not be required to mention HSN code in their tax invoice.
• Taxpayers having turnover exceeds Rs. 1.5 crore but up to 5.00 crore will be required to mention only two digits of HSN code.
• Taxpayers having turnover exceeds Rs 5.00 crore will be required to mention four digits of HSN code.
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