![]() This will then show the same HSN code on all the sales invoices. Step 3: If you want to apply the same HSN code for multiple transactions, you must specify the HSN code at the ledger group level for sales, procurement, expenses, and income groups. To do so, click on ‘Inventory Information,’ followed by ‘Stock Groups’ then ‘Create.’ Click on ‘Set/Alter GST Details.’ Enter ‘Yes’ and click on the tax rate history option on the right-hand corner. Step 2: If a particular group of products attracts a different GST rate than the rest of the merchandise, you can add the HSN code for all those products at the Stock Group level. Step 1: To add HSN code, go to ‘Company Features.’ Under this, click on ‘Statutory Taxation,’ followed by ‘Set/Alter GST Details.’ Enter ‘Yes’ and input the HSN number. Here is a step-by-step guide on how to add HSN code in Tally. Since the implementation of GST, the need to quote the HSN code on products and services depends on the annual turnover of a business in the last financial year. How to add HSN code in Tally? A Guide to Adding HSN Code in Tally One can find out the list of available HSN codes on the government’s GST website anytime. 1.5 crore is not required to provide HSN codes. Lastly, taxpayers with a turnover of less than Rs. Similarly, businesses that have a turnover of greater than Rs. Hence, taxpayers whose annual turnover exceeds Rs. With the GST law, the HSN code used is determined by the revenue generated by the taxpayer. Under GST, HSN assists in calculating taxation on each good or service, as the code helps identify the GST rate applicable on a product, along with the volume of the product traded or imported all over the country. Later, the Customs and Central Excise added two more digits to the code, making it an eight-digit classification. The objective of adopting the HSN system was to categorise commodities for Customs and Central Excise. ![]() While India has been a member of the WCO since 1971, it only started using the HSN system beginning in 1986. ![]() As a result, each commodity has a six-digit code, where two digits represent each chapter, heading, and subheading. With the help of HSN, businesses can classify their products and services under various chapters, headings, and subheadings. Harmonised System of Nomenclature, abbreviated as HSN, was developed by the World Customs Organisation (WCO) to classify goods and services worldwide in a systematic and organised manner. ![]()
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