Question27:
1. Is it mandatory that the value of HSN
Summary should include amount of exempt supply in case of Outward
Supply?(Turnover exceeds Rs. 1.5 Cr)
2.Is it also mandatory that the value of
HSN Summary should also include amount of purchases even when ITC in not availed
on purchases made?
Answer:
As per Instruction Summary of supplies effected and received against a
particular HSN code to be reported only in this table. It will be optional for
taxpayers having annual turnover upto 1.50 Cr.
In view of above this table is optional for taxpayer having turnover <1.5 crore
but there is no relaxation for Exempt supply. Thus You are required to provide
HSN wise details of all supplies including exempt supplies if your turnover
exceeds 1.5 Cr.
2. HSN wise summary of Inward supply are provided for all inward supplies which
in value independently account for 10 % or more of the total value of inward
supplies irrespective of whether ITC availed or not.
Further it is optional for taxpayer having turnover < 1.5 crore 10/11.
(Reply dt.24/05/2019)