Taxpayers Have Mandatorily Declare HSN/SAC Codes In GST Tax Invoices From 1st April, 2021
| Sl No | Aggregate Turnover in the preceding Financial Year | Number of Digits of HSN/SAc Code |
| 1. | Upto INR 5 crores | 4 |
| 2. | More than INR 5 crores | 6 |
| 3. | Supply of Chemicals | 8 |
Penalty :-
It is very important to mention the correct HSN/ SAC Code on the tax invoices and Form GSTR-1 otherwise penalty of INR 50,000/- (INR 25,000/- each for CGST and SGST) can be levied for non-mentioning or mentioning wrong HSN/ SAC Code under Section 125 of the Central Goods and Services Tax Act, 2017 (i.e., General penalty).
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Very Nice Post