WHETHER 6 DIGITS HSN IS COMPULSORY

[SAFETAB LIFESCIENCE]

Dear Experts,

We hear through freinds whether we have to mention 6 digits HSN from 15.10.2020 onwards if our TO is more than 5.00 Crores

AI Summary

Businesses Over 5 Crore Turnover Must Use 6-Digit HSN Codes Under GST From April 2021, Per Notification 15.10.2020. A query was raised regarding the requirement to use a 6-digit Harmonized System of Nomenclature (HSN) code for businesses with a turnover exceeding 5 crore rupees under the Goods and Services Tax (GST) system. Experts clarified that, as per notifications dated 15.10.2020, businesses with a turnover over 5 crores must use 6-digit HSN codes, while those with a turnover up to 5 crores should use 4-digit codes. This requirement is effective from 01.04.2021. Additionally, the government may mandate 8-digit HSN codes for certain supplies.