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April 22, 2021
Applicability of 6-digit HSN codes for Suppliers in India
Important update to Thomson Reuters supplier payment term policy
This is in relation to the notification (Notification No. 78/2020 – Central Tax, dated 15 October 2020) issued by Central Board of Indirect Taxes and Customs to make HSN code mandatory up to 6-digit. As per the said notification, registered taxpayers with aggregate turnover in the preceding financial year exceeding INR 5 crores would be required to issue invoices basis 6-digit HSN code instead 4-digit HSN code.
All TR Suppliers in India will have to comply with the aforesaid requirement. Further, please provide the updated list of HSN codes basis which invoices would be raised to TRIPL so as to enable us to update our inward HSN masters details.
Given that the said notification is effective from 1 April 2021, we earnestly request you to provide your confirmation and requisite details at the earliest. Kindly note that invoices not issued in accordance with the above requirement may be rejected by the Company.