India and a few other countries utilise eight-digit numbers for deeper classification in order to better identify commodities. For example, the HSN code for ferro-phosphorus under other ferro-alloy items is 72.02. 99.11.
Taxpayers having an annual aggregate revenue of more than Rs. 5 crore must now reveal six digits of the HSN code on all tax invoices, according to the amended declaration. The prior financial year's turnover must be considered.
HSN / SAC code of 4 digits is essential for all B2B tax invoices and optional for B2C tax invoices on supplies of Goods and Services for taxpayers whose aggregate Turnover is up to Rs. 5 crores in the preceding Financial Year.
The following is how it works in the code: A two-digit HSN number is assigned to each Chapter. A four-digit HSN code is created from each two-digit HSN number. These four-digit HSN codes are later subdivided into the six-digit HSN code.
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