E-Invoice: 6 Digit HSN mandatory for taxpayers whose AATO is above 5Cr:

E-Invoice: 6 Digit HSN mandatory for taxpayers whose AATO is above 5Cr The GST E-Invoice system has issued a recent update on e-invoice on December 04, 2023. A minimum of 6 digits of the HSN code would be required in e-invoices for taxpayers with an Aggregate Annual Turnover (AATO) of Rs. 5 Crore and higher as well. This regulation will take effect on December 15, 2023. E-Invoicing under GST denotes electronic invoicing defined by the GST law. E-Invoice is a system in which B2B invoices are authenticated electronically by GSTN for further use on the common GST portal. Under the electronic invoicing system, an identification number will be issued against every invoice by the Invoice Registration Portal (IRP) to be managed by the GST Network (GSTN). E-invoicing comprises a variety of technology and entry alternatives, and it deals with a number of documents, including invoices, purchase orders, debit notes, credit notes, payment terms, payment instructions, and remittance slips. HSN code stands for "Harmonised System of Nomenclature”. This system has been implemented all around the world for the organised categorization of goods. The HSN code is a 6-digit universal code that classifies over 5000 goods and is recognised globally. HSN code mandatory in E-Invoice: All invoices with a value greater than Rs. 5 crore must include a 6-digit HSN code. All B2B invoices with a turnover of less than or equal to Rs. 5 crore must use a 4-digit HSN code.