As per the notification issued by the GST authorities in October 2020, the HSN codes are now mandatory on all invoices. According to this new regulation, GST authorities mandated the HSN code on all tax invoices from 1st April 2021. The official statement made by the Ministry of Finance clearly states that “With effect from […]
The Importance of the HSN Code in Invoice
The sprawling nexus of trade worldwide involving umpteen products, services, manufacturers, traders, and service providers can get chaotic and out of hand if there’s no standardised system of classification. This is what necessitates a nomenclature system like the HSN code. What is HSN Code? HSN is the acronym for Harmonized System Nomenclature. This standardized, multipurpose […]
