HSN Codes-Notification 12/2017 - GST In India

Saturday, 11 November 2017

HSN Codes-Notification 12/2017

HSN Codes-Notification 12/2017
Every registered person with turnover more than 1.5 crores must mention the H.S.N Codes in each and every invoice.
However, the numbers of digits to be mentioned in the Invoice depends on the annual turnover in the preceding financial year.
Turnover in previous FYNo. of digits
Upto Rs. 1.50 CrNIL
More than Rs. 1.50 Cr. & upto Rs. 5 Cr2 digits
More than Rs. 5 Cr4 digits
This is effective from 1st July, i.e., all invoices from 1st July must be GST compliant and have details of HSN codes.
The same notifications have also been made under IGST (notification 5).
Rates of interest-Notification 13/2017
The rates of interest are same as mentioned in the Act. The notification ratifies the rates.
This notification shall come into force from the 1st day of July, 2017
SectionsInterest p.a.
Sec 50(1)- Failure to pay tax18%
Sec 50(3)- Less tax paid/ excess ITC availed24%
Sec 54(12)- Interest on refunds withheld in an appeal later given6%
Sec 56- Interest on delayed refunds6%
Proviso to 56- Interest on refunds ordered in an appeal9%
The same notification has also been made under IGST (notification 6).
Common Portal- Notification 4 /2017
It is notified that the GST website of the Common Portal is  www.gst.gov.in managed by  Goods and Services Tax Network.
Modes of verification-Notification 6 & 11/2017
The modes of verification are-
  • Aadhaar based Electronic Verification Code (EVC)
  • Electronic verification code generated through net banking login on the common portal
  • Electronic verification code generated on the common portal
[Points ii & iii replacing the earlier Bank account based OTP as per earlier notification]