What if my turnover is less than 20 lakhs?
GST is not applicable for those assessees whose turnover is less than 20 Lakhs. Go ahead and surrender your GST registration. Contact a local tax lawyer/CA. A business whose aggregate turnover in a financial year exceeds Rs 20 lakhs has to mandatorily register under Goods and Services Tax. ..
What is the minimum turnover for GST registration?
Rs 20 lakhs
A business whose aggregate turnover in a financial year exceeds Rs 20 lakhs has to mandatorily register under Goods and Services Tax. This limit is set at Rs 10 lakhs for North Eastern and hilly states flagged as special category states.
How do I write an HSN code on an invoice?
HSN code consists of 6 digits. The first two digits of the HSN codes represent the HSN code chapter. The heading of the goods is represented in the third and fourth digit of the HSN code. The sub-heading of the goods is represented in the fifth and sixth digit of the HSN code.
How do I print the HSN code in the invoice?
To print the HSN code in the invoice you ensure that the tax rate and HSN Code are defined at the same level. Read this: How to Create Sales/ Purchase Ledger in Tally for GST?
How to remove HSN/sac from the tax invoice?
The tax invoice printed with HSN defined for the stock item appears as shown below: If you have entered the HSN/SAC and tax rates in all the masters, you can remove it from the Tax Rate History screen of the GST Details screen of masters in which it is not required.
What is the importance of HSN code in GST?
In exports, the ITC-HS Codes are mandatory. It is compulsory to mention the 8 digit HSN Code on the shipping bill, failing which the export benefits shall not accrue. In GST however, HSN Codes are not mandatory for businesses with a turnover of less than Rs 1.5 cr or if the dealer is registered under the Composition Scheme of GST.
Can I print HSN code/SAC and tax rate at different levels?
It is recommended that HSN code/SAC and tax rate are specified at the same level (Ledger or Group or Stock item or Stock group or Company). Note: In Release 6.0.2, you can calculate the tax rates and print HSN/SAC in your invoices easily, even if you have specified them at different levels.