The National Informatics Centre (NIC) on January 05, 2024, issued the Advisory on the HSN Code.
The following has been stated namely: -
• At least a 6-digit HSN code is to be necessarily provided for all the B2B and Export transactions by the taxpayers whose Annual Aggregate Turnover (AATO) is more than Rs. 5 Crores. The taxpayers, with AATO of less than Rs. 5 Crores, need to provide at least a 4-digit HSN code.
• This validation will be implemented in the e-way bill System from February 01, 2024.
• The taxpayers are advised to make necessary changes in their systems and enter 4/6 digit HSN codes while generating the e-way bills through web and API systems from February 01, 2024.
