The Goods and Services Tax Network (GSTN) has vide its tweet informed about the upcoming changes in Table-12 format of GSTR-1 Return and about changes in number of digit of HSN Code to be reported.
It may be noted here that under table -12 of GSTR-1 the HSN-wise summary of outward supplies to be disclosed. The change made on GST portal in this table is that in column (6) the “Total Value” has been substituted by “Rate of Tax”. Thus HSN Code is to be reported rate wise. It is pertinent to mention here that this amendment was made by CGST (Twelfth Amendment) Rules, 2020, w.e.f 15-10-2020.
Further changes have been made in the HSN reporting in line with Notification No 78/2020 – Central tax and Notification 79/ Central tax-2020 dated 15-10-2020.
Vide above Notifications from 1st April 2021 onwards, it is mandatory to report a minimum 4 digit or 6 digits of HSN Code in Table-12 of GSTR-1 on the basis of Aggregate Turnover on PAN in the preceding Financial Year. However if the Aggregate Turnover is upto Rs. 5 Crore then Minimum 4 digit reporting of HSN Code, Mandatory reporting of all B2B supplies & exports (includes supplies made to SEZ units & developers and Deemed Exports) and Optional reporting of HSN Code for all B2C supplies will be there.
In cases where the Aggregate Turnover is more than Rs. 5 Crore then Minimum 6 digit reporting of HSN Code and mandatory reporting of all supplies, including exports (includes supplies made to SEZ units & developers and Deemed Exports) will be applicable.
The tweet in this regard of CBIC is given below:
Follow us for free tax updates : facebook Twitter
***
Subscribe our portal and get FREE Tax e-books , quality articles and updates on your e-mail.
Resolve your GST queries from national level experts on GST free of cost.
CA. Mohammad Salim is an ICAI award winning Chartered Accountant having rich experience of more than 20 years in the field of indirect taxes. He is the Member, Indirect Taxes Committee of PHD Chamber of Commerce and Industry. He is author of four successful books on GST published by Taxmann Publication and is also GST expert on taxmann portal.
