- The Goods and Services Tax Network (GSTN) has postponed the mandatory implementation of the 6-Digit HSN Code in e-Invoices and e-Way Bills in India.
- The e-invoice System requires GST registered individuals to upload all their B2B invoices onto the Invoice Registration Portal (IRP).
- The IRP then generates a unique Invoice Reference Number (IRN) and digitally signs the invoice.
- The implementation of the 6-Digit HSN Code was initially scheduled to be mandatory from April 1, 2021.
- However, the GSTN has decided to defer this requirement for now.
- The new implementation date for the 6-Digit HSN Code will be announced later.
- This decision provides relief to businesses as they will have more time to comply with the new requirement.
- The 6-Digit HSN Code is used to classify goods and services for taxation purposes.
- It is important for businesses to accurately classify their products to ensure proper tax calculation and compliance.
Source: taxscan.in
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
