Auto-population of HSN description based on HSN code is now enabled in the GST Portal. The Rate collumn is also introduced.
Prepare HSN Summary to capture the Correct HSN and Rate. Please note it is mandatory to report min. 4 Digit HSN for all taxpayers having turnover upto 5 crores and atleast 6 Digit HSN for Taxpayers having Turnover above 5 crores.
FAQ’s and Answers.
- Whats is HSN Code ?
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.
2. Why is covered under GST ?
The purpose of HSN codes is to make GST systematic and globally accepted. HSN codes will remove the need to upload the detailed description of the goods. This will save time and make filing easier since GST returns are automated.
3.What is same HSN Code for Two Different Tax Rates?
No, Only Hsn Code is define the Tax Rate for Goods and Services.
4.what is benefit of auto populate HSN Code description on GST Portal?
GST Portal will auto populate description and tax rate takes automatically.