In exports, the ITC-HS Codes are mandatory. It is compulsory to mention the 8 digit HSN Code on the shipping bill, failing which the export benefits shall not accrue. In GST however, HSN Codes are not mandatory for businesses with a turnover of less than Rs 1.5 cr or if the dealer ...
1. What is HSN Code in GST? The HSN Code (Harmonized System of Nomenclature) in GST is an 8-digit code that classifies goods. It helps identify products for applying the correct GST rate and simplifies international trade. 2. How to add the HSN code in the GST portal?
India uses an 8-digit HSN code1 instead of the typical 6-digit code; here’s how it is broken down: Chapter: The first two digits represent the chapter, broadly classifying goods into major categories. Heading: The next two digits represent the heading within the chapter, ...
All invoices and customs documentation must include the 8-digit HSN Codes or HS Codes as notified by the DGFT for any business participating in import-export transactions governed by Foreign Trade Policy and customs laws. HSN Code Working?
3. Is HSN Code 6-Digit or 8-Digit? India initially used 6-digit HSN codes for classifying Customs and Central Excise commodities. However, to enhance precision, the code was expanded to 8 digits. As a member of the World Customs Organization (WCO) since 1971, India now uses the 8-digit...
What is an HSN code? If you are manufacturing or selling PVC pipes and fittings in India, you must be aware of the Harmonized System of Nomenclature (HSN) code. The HSN code is an 8-digit code that is used to classify goods across the world. In India, the HSN code is used for GST...
FREE SHIPPING Payment options: (As low as$26.67 with FlexPay) Quantity -+ Express Buy Add To Bag Promotional Offers New to HSN? $10 off your first order with code HSN2025. Exclusions apply.See Details. ExtraFlexavailable when paying with the HSN Card or QCard. Select the FlexPay option ...
In the beginning, the 6-digit HSN codes were used in India, but later the customs and central excise department added two more digits. The additional 2-digits in the new 8-digit HSN code made the code more precise and easier to use. Also read: What Is Job Work Under GST? Procedure...
Before the advent of GST, the HSN code was used to classify commodities for customs and central excise purposes. Initially starting from 6 codes, India's excise department added two digits to create an 8-digit HSN code. Next, let's discuss the importance of the HSN code. Importance of ...
Import and export dealings, as well as foreign trades, require the use of 8-digit HSN codes for entrepreneurial ventures. Services Accounting Code (SAC) in GST The SAC code is a concept similar to that of HSN. The SAC code is a similar concept to the HSN code. SAC stands for Service ...