GSTN enables Auto-population of HSN description based on HSN Code
The Goods and Service Tax Network (GSTN) enabled the Auto-population of Harmonized System of Nomenclature (HSN) description based on HSN code on the GST portal.
The taxpayers have to prepare HSN Summary to capture the Correct HSN and Rate. It is mandatory to report a minimum 4 Digit HSN for all taxpayers having turnover upto Rs.5 crores and at least 6 Digit HSN for Taxpayers having Turnover above Rs.5 crores.
Moreover, the Rate column has also been introduced.
The main purpose of HSN is to classify goods from all over the World in a systematic and logical manner. This brings in a uniform classification of goods and facilitates international trade. Now the section of the Auto population of HSN Description consists of HSN, Description, UQC, Total Quantity, Total Taxable Value, Rate, Integrates tax (IGST), Central Tax (CGST), State or Union Territory Tax (SGST OR UTGST), and Cess.