The ministry of finance has announced that businesses with turnover of Rs 5 crore and above will have to furnish six-digit HSN or tariff code on the invoices issued for supplies of taxable goods and services from April 1. Those with turnover of up to Rs 5 crore in the preceding financial year would also be required to furnish four-digit HSN code on B2B invoices.
What is HSN code?
HSN stands for Harmonised System of Nomenclature code. It is mandatory for both B2B and B2C tax invoices on the supplies of Goods and Services. This was introduced in 1988 by the …
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