Changes in GSTR-1 applicable from 1st April 2021

by Estartup India Grow Business With Us

The central government has proclaimed the impending alterations in GSTR-1 Table-12 on GST Portal. The government has instructed that from 1st April onwards, it will become compulsory to report a minimum of 4 digit or 6 digits of HSN (Harmonized System of Nomenclature) Code in Table-12 of GSTR-1 and in Tax Invoice. In this article, we will talk about Changes in GSTR-1 is applicable.

Notification Changes in GSTR-1 applicable

As we know the Goods and Service Tax (GSTN) is a not-for-profit, the non-government company promoted together by the Central and State Governments, which will furnish shared IT infrastructure and services to both central and state governments comprising taxpayers and other stakeholders.

Now, the central government has declared the inevitable changes in GSTR-1 Table-12 on GST Portal. The government has informed that from 1st April onwards, it will become mandatory to report a minimum 4 digit or 6 digits of HSN code in Table-12 of GSTR-1 and in Tax Invoice.

This modification is all set to alter the way businesses operate in India. It is one of the hugest alterations in the world of GST in the year 2021. This fresh policy has been adopted extremely by businesses after the GST Tech Tweet on Thursday (4th March). The alteration is an expansion of the amendment made in Notification by the Central Government.

Additional Notification by GST Portal

The no. of HSN Code to be noted will be on the basis of total Turnover on PAN in the preceding fiscal year.

Furthermore, the aggregate Turnover in the preceding Financial Year. Amount of Digits of Harmonized System of Nomenclature Code (HSN Code)

* Up to rupees five crores 4 Digits

* more than rupees five crores 6 Digits

GST Turnover up to 5 Crore

Under Aggregate Turnover up to Rs.5 Crore Minimum 4 digit reporting of HSN Code is essential, compulsory reporting of all B2B supplies & exports.

GST Turnover More than 5 crore

Under Aggregate Turnover is more than Rs. 5 Crore Minimum 6 digit reporting of HSN Code is required and compulsory reporting of all supplies, combining exports. Read more about Changes in GSTR-1 applicable from 1st April 2021

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Created on Mar 18th 2021 02:51. Viewed 252 times.

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