Harmonized System of Nomenclature or simply HSN has come into effect for the classification of goods and services globally in a systematic and organized manner. Developed by the World Customs Organization (WCO), the HSN code was introduced in 1988. It is a 6-digit uniform ...
India, a WCO member since 1971, initially used a 6-digit HSN code for Customs and Central Excise duties. Then, they added 2 more digits to HSN Code to be more precise in goods classification for importing, exporting, and taxation. This led to today's 8-digit classification...
HSN Code List for GST India HSN has been applicable in India after implementation of GST. India has already been using HSN system in the Central Excise and Customs regime. But the GST HSN is a much more detailed classification that adds another two digits to the 6-digit structure. For cert...
If your business’s annual turnover was more than ₹5 crores in the previous year, select6-digit HSN Code or SAC. The 6-digit HSN Code or SAC is mandatory for all tax invoices. Scroll down and clickSave. You can now add HSN Codes or SACs to your items in Zoho Books. Once the ...
HSN code stands for Harmonized System Nomenclature. It’s a globally used 6-digit code that acts as a recognized system for classifying goods. Think of it as a universal product ID for international trade. This code simplifies the taxation process within thegoods and services taxframework by cat...
hsn code HSN code, or Harmonized System of Nomenclature, is an international coding system consisting of a 6-digit structure developed and maintained by the World Customs Organization. It is used by countries to classify goods and commodities imported and exported. The main purpose of HSN code ...
Structure:The HSN code is typically a 6-digit code. The first two digits represent the chapter, the next two digits represent the heading, and the last two digits represent the subheading. For certain purposes, countries may add additional digits to the standard six digits. ...
Example of HSN CodeIn India, almost all goods are classified under the HSN system. On the basis of their turnover and nature of transactions, a business has to determine the 4, 6 or 8 digit code for their product. Taking this into consideration, here's an example with 3 different scenar...
The Harmonized System of Nomenclature is a 6-digit code that helps to classify universally systematically. The World Customs Organization developed it. It is considered the global standard for the differentiation of products/goods. HSN codes are unnecessary for businesses with a yearly revenue of ...
1. What is the HSN code in India? HSN stands for Harmonized System of Nomenclature and is used to classify goods in a systematic manner. 2. Who is Liable for the 6-Digit HSN Code? Businesses with a turnover exceeding Rs. 1.5 crore are required to use a 6-digit HSN code for their ...