Hsn Code News Today

Maruti Suzuki India is under investigation by the Directorate of Revenue Intelligence (DRI) for incorrect HSN code usage and incorrect payment of IGST on imported automobile parts. The company stated that it will respond appropriately to the inquiry and that it will not have a significant impact on its operations or finances.

In India, declaring a 4-digit HSN code is mandatory on goods and services tax (GST) invoices by businesses with turnover up to Rs 5 crore and a 6-digit code on invoices by businesses with a turnover of more than Rs 5 crore

All services provided by the Central or State Governments or local authorities to anyone other than business entities are currently free from the Goods and Services Tax (GST).

Technical textiles, or textiles used in a variety of industries such as automobiles, civil engineering, construction, agriculture, health care, and industrial safety, are an important component of the textile industry.

Synopsis The Finance Ministry has said that businesses with a turnover of more than Rs 5 crore have to show a six digit HSN number. Getty Images HSN and SAC codes are used to classify goods and services under GST regime. 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...