2021
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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5
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6
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10
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2
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Detailed explanation-1: -Those with more than INR 5 crores in income must utilise the four-digit HSN codes.
Detailed explanation-2: -From 01st November, 2022, Phase-2 would be implemented on GST Portal and the taxpayers with up to Rs 5 crore turnover would be required to report 4-digit HSN codes in their GSTR-1. To view the detailed advisory please click here.
Detailed explanation-3: -The government had earlier notified that businesses must mandatorily mention a minimum of four or six digits of the HSN code in Table 12 of the GSTR-1. The limit is based on the aggregate turnover earned during the previous financial year as laid down in the Central Tax notification no.
Detailed explanation-4: -GSTN implemented mandatory mentioning of 6 digit HSN codes in GSTR-1 for turnover above 5 crore. The GSTN has implemented mandatory mentioning of 6 digit HSN codes in GSTR-1 for turnover above 5 crore on the GST Portal. It shall be available for the taxpayers w.e.f. 1st August, 2022.
Detailed explanation-5: -HSN codes are eight digits long, each with a specific meaning. HSN codes are designed to be used by businesses to classify their products for purchase or resale. This classification can be for pricing purposes, product descriptions, or inventory purposes.