Web28 dec. 2024 · Those who earn more than INR 1.5 crores but less than INR 5 crores must use the two-digit HSN numbers. Those with more than INR 5 crores in income must utilise the four-digit HSN codes. Those merchants who engage in imports or exports must use the 8-digit HSN codes. Check Here To More About: … WebAs per section 17 (5) of CGST Act 2024, there is an entire class of cases, goods & services for which the ITC remains blocked, such Input Tax Credit is called ineligible or blocked credits under GST. You cannot claim & utilize the credits on these specified cases & services, an example would be the purchase of goods & services for personal use.
Implementation of mandatory mentioning of HSN codes in GSTR-1
WebIf a company has turnover up to ₹ 15 million (US$190,000) in the preceding financial year then it need not mention the HSN code while supplying goods on invoices. If a company has turnover more than ₹ 15 million (US$190,000) but up to ₹ 50 million (US$630,000), then it needs to mention the first two digits of HSN code while supplying goods on invoices. Web2 aug. 2024 · An ITC (HS) code comprises the six-digit HS code plus a two-digit national “tariff item code”. For example, if the ITC (HS) code is 09011111, then. 09 – Coffee, Tea, Maté and Spices. 0901 – Coffee, whether or not roasted or decaffeinated; coffee husks and skins; coffee substitutes containing coffee in any proportion. lighthouse labels
Implementation of mandatory mentioning of HSN codes in GSTR-1
Web2 mei 2024 · No, the data at eight digit HSN code is required to be filed with MCA in case of products and in case of services as per the relevant statutory requirement to the extent possible. 10) Whether service providers are also covered under cost audit. Yes, only some services are covered, which have been mentioned in Table A or Table B. 11) Web27 dec. 2024 · Changes of GST rate over a period of time: GST rate in case of old and used car was same as applicable on new car up to 25/01/2024. Following are rates as per notification no. 01/2024 Central Tax (Rate) up to 25/01/2024 and rates after 25/01/2024, which are reduced through the notification no. 08/2024 Central Tax (Rate). Web27 nov. 2024 · It will be optional for taxpayers having annual turnover upto INR 1.50 Cr. It will be mandatory to report HSN code at two digits level for taxpayers having annual turnover in the preceding year above INR 1.50 Cr but upto INR 5.00 Cr and at four digits’ level for taxpayers having annual turnover above INR 5.00 Cr. peachyranran