GST: Requirement of HSN Code is mandatory w.e.f. 01.04.2021
CBIC makes it mandatory to declare HSN Code w.e.f. 01.04.2021 CBIC- Central Board of Indirect Tax and Customs amended its earlier notification regarding the requirement of HSN Code wherein all the businesses who had turnover of more than one crore fifty lakhs rupees in a year were required to declare the HSN Code. According to the new notification issued by the CBIC dated 15.10.2020, irrespective of the turnover, it is mandatory for all the business owners to declare the HSN code under GST. In this article we will discuss the amendments made with regards to the requirement of the HSN Code for Tax Invoice under GST (Goods and Service). What is HSN Code? HSN is “Harmonized System of Nomenclature”, a 6 digit uniform code that was developed by the World Customs Organization (WCO) which was introduced to classify 5000+ products. The HSN Code came into effect from the year 1988 and is accepted worldwide. The HSN has been introduced so that systematic classification of goods around the wor