HSN code mandatory on invoices from 1st April 2021 7206070155

A brief warning to the GST taxpayers regarding the compulsory HSN (Harmonized System of Nomenclature) code on all invoices was sent by the Central Board of Indirect Taxes and Customs (CBIC). This reminder of the 'National Tax Notice No. 79 /2020,' which makes all B2B invoices obligatory for HSN code, w.e.f. April 1, 2021.

This reminder has been given by CBIC to inspire GST taxpayers with this amendment made on 15 October 2020.

In this brief article, we will cover the aspects that you'll have to know about this modification to allow taxpayers to refresh and plan the details they need.

HSN code 2021 update in brief

Bioshine healthcare This update applies to different taxpayer classes. For easy understanding, we will discuss these groups one by one. More than INR 5 Crore total turnover Taxpayers

Any taxpayer whose annual gross revenue exceeds INR 5 Crore's cap shall include the HSN code in all of its tax invoices as a necessary provision.

For the measurement of the average amount, the financial year to be considered will be 2020-21.

It is also mandatory for this group of taxpayers to indicate 6 digits of both the Products and Services HSN code.

Taxpayers up to INR 5 Crore with a total turnover

Besides, all tax invoices shall list the HSN code of taxpayers whose gross turnover is below the INR 5 Crore slab.

The 4-digit HSN code for all goods and services consumed or rendered shall be required on all of their B2B invoices in this class of taxpayers.

The 4-digit HSN code on the B2C invoices to these taxpayers is however optional.

The financial year to calculate annual total turnover is 2020-2021 for the two classes of taxpayers.

This amendment will take effect on 1 April 2021.

How pharma company will help you with e-invoice?

It is almost impractical for us to manually keep a list of and invoices. To improve the vendor invoice administration system, we are creating RPA, in which the invoice is scanned through OCR, translated into SAP documents, and then completed by the approval method. The processing of the data can only be further processed if it is accepted by the specified laws. If any uncertainty exists and the requirements do not meet, manual action may be required. This makes it efficient for Accounts Payable functionaries to handle the invoice in a less time-consuming manner. This method greatly reduces the production period.

How a medical representative helps a PCD Pharma Company/Franchise?

Daily calls begin a day of MR. He's reviewing his day chart. He pitches the sample and the substance while meeting the customer i.e. the doctors. The selling will be made according to how the call goes. When done, MR was expected to sit down at the portal earlier and log all its meetings. Perhaps, after the conference, he forgot everything that happened, so he did not apply it. Now we have fitted our MR with a tablet that has a built-in application with the digital image.