Sage-Tips

How do I use HSN code in GST portal?

i) Log-on to GST portal and click on Return dashboard. ii) On the return dashboard select Financial Year, Quarter and Period. iii) Select Prepare Online button on GSTR-1 Tile (Box). iv) Select ‘Table 12 HSN wise summary of outward supplies’ to add HSN details.

How do I get a HSN code?

To configure this, Go to “Accounts Information” > “Groups” > click on “Create” > Select the “Sales Group” (Select the ledger group for which you want to set up HSN code) > Against “Set/ alter GST details”, enter “Yes” and enter the HSN code here.

How do I find my HSN code on a purchase invoice?

Printing HSN/SAC in Your Invoice

1. Record the transaction. Based on a predefined order , the HSN will appear from the master in which the tax rates are defined.
2. Click A : Tax Analysis .
3. Press Alt+P > F12 in the sales invoice, and enable the option Print HSN/SAC column .

What is a HSN code in GST?

What is HSN Code? HSN code stands for “Harmonized System of Nomenclature”. This system has been introduced for the systematic classification of goods all over the world. HSN code is a 6-digit uniform code that classifies 5000+ products and is accepted worldwide.

Is HSN code mandatory in GST?

The mandatory reporting of HSN codes was introduced while preparing the GSTR-1 return from 1st April 2021. As per the revised declaration, taxpayers with an annual aggregate turnover of more than Rs. 5 crore must mandatorily declare six digits of the HSN code on all the tax invoices.

What does mean HSN codes in GST?

The Harmonized System of Nomenclature or HSN is an internal system of naming goods. GST HSN code is an 8-digit code assigned to goods by organizing them in a hierarchical manner. Service Accounting Code or SAC is the nomenclature adopted by the Goods and Services Tax Council for identifying services delivered under GST.

What is the full firm of HSN code in GST?

HSN Code in GST HSN Full Form and Meaning (Harmonized System of Nomenclature) HSN full form is “Harmonized System of Nomenclature”. This system has been introduced for the systematic classification of goods all over the world.

What is the HSN code in a GST invoice?

HSN Code on Invoice Under GST Invoice Rules and Format, suppliers are required to mandatorily display the HSN code or SAC code of the goods or services supplied on an invoice . However, in order to make compliance easier for small and medium-sized enterprises, the requirement for disclosing HSN code on invoice has been relaxed.

How many degit of HSN code in GST?

HSN codes for goods at 6 digits are universal. Therefore, common HSN codes apply to Customs and GST. Accordingly, codes prescribed in the Customs tariff are used for GST purposes too. In Customs Tariff, HS code is prescribed as heading (4 digits HS), sub-heading (6 digits HS) and tariff items (8 digits).