{"id":99970,"date":"2021-04-05T17:16:58","date_gmt":"2021-04-05T11:46:58","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=99970"},"modified":"2021-04-06T10:51:33","modified_gmt":"2021-04-06T05:21:33","slug":"hsn-code-made-mandatory-for-certain-category-of-gst-taxpayers","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/hsn-code-made-mandatory-for-certain-category-of-gst-taxpayers\/","title":{"rendered":"&#8220;HSN code&#8221; Made Mandatory for Certain Category of GST Taxpayers"},"content":{"rendered":"<h5><strong>What is the News?<\/strong><\/h5>\n<p>The Government makes the 6 digit HSN (Harmonized System of Nomenclature) code mandatory for a GST taxpayer having a turnover of more than Rs 5 crore in a financial year. This rule comes into effect from April 1,2021.<\/p>\n<h5><strong>About <a href=\"https:\/\/forumias.com\/blog\/harmonised-system-of-nomenclaturehsn-code\/\">HSN Code:<\/a><\/strong><\/h5>\n<ul>\n<li><strong>The HSN Code <\/strong>is a six-digit identification code. The World Customs Organization (WCO) developed this code in 1988.<\/li>\n<li><strong>Purpose: <\/strong>It is an international nomenclature for the classification of products. It allows participating countries to classify traded goods on a common basis for customs purposes.<\/li>\n<li>The code, also called the universal economic language for goods, is a multipurpose international product nomenclature.<\/li>\n<li><strong>The HSN code currently comprises <\/strong>around 5,000 commodity groups. Each Code is a unique six-digit code that has numbers arranged in a legal and logical structure. There are well-defined rules to achieve uniform classification.\n<ul>\n<li>Of the six digits, the first two denote the HS Chapter, the next two give the HS heading, and the last two give the HS subheading.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Significance: <\/strong>HSN Code helps in harmonizing customs and trade procedures. Thus, it reduces the costs of international trade.<\/li>\n<\/ul>\n<p><strong>Source: <\/strong><a href=\"https:\/\/www.livemint.com\/news\/india\/6digit-hsn-code-mandatory-in-invoices-for-biz-with-over-rs-5-crore-turnover-11617260839364.html\"><strong>Livemint<\/strong><\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is the News? The Government makes the 6 digit HSN (Harmonized System of Nomenclature) code mandatory for a GST taxpayer having a turnover of more than Rs 5 crore in a financial year. This rule comes into effect from April 1,2021. About HSN Code: The HSN Code is a six-digit identification code. The World&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/hsn-code-made-mandatory-for-certain-category-of-gst-taxpayers\/\">Continue reading <span class=\"screen-reader-text\">&#8220;HSN code&#8221; Made Mandatory for Certain Category of GST Taxpayers<\/span><\/a><\/p>\n","protected":false},"author":10317,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127,9],"tags":[1308],"class_list":["post-99970","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","category-public","tag-eco_0","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1700432138},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/99970","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10317"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=99970"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/99970\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=99970"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=99970"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=99970"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}