GST E-Way Bill Update: New HSN Code requirements effective from October 1, 2023

The Goods and Services Tax (GST) E-way bill system has recently issued an update, reminding GST taxpayers to follow the requirement of using either 6-digit or 4-digit HSN Codes, which will soon become mandatory.

According to Notification No. 78/2020 dated October 15, 2020, taxpayers with an Aggregate Annual Turnover (AATO) exceeding Rs 5 Crore must incorporate a 6-digit HSN code in their e-Invoices and e-Waybills, while other taxpayers should use a minimum of 4 digits in their E-invoices and E-Way Bills. Many taxpayers are already compliant with this rule, and those who aren’t are urged to make the necessary adjustments and comply by the specified due date. This requirement will become mandatory starting from October 1, 2023, in both the e-Waybill and e-Invoice Systems.

It is crucial to emphasize that this mandatory change will take effect on October 1, 2023, affecting both the e-Waybill and e-Invoice Systems. Taxpayers should ensure their invoicing and way billing processes align with these updated regulations within this timeframe to maintain seamless compliance.

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Export Development and Promotion of Spices

India has a long history of being recognized as the "Land of Spices." However, it boasts of a diversified spice heritage and carries a good market position in the international scene. To sustain and upgrade India's market superiority in international trade in spices, the government undertaken the Export Development and Promotion Scheme. .This article will explore the various aspects of the Export Development and Promotion Scheme, objectives it aims to achieve, and initiatives undertaken for Indian spices across the world.