Later, such four-digit HSN codes are further sub-classified into the six-digit HSN code. How can I find my 8 digit HSN code?To sub-classify the six-digit HSN code number in some countries, there must be an additional two-digit HSN code put into place in order to create an eight-dig...
In order to identify the goods better India and some of the countries use this 8 digit code for easier and more number of classification. Some of the HSN codes uses dashes in the beginning of description which denotes an article that belongs to a group covered under a heading. A double...
Under the GST regime, most dealers are required to adopt a two, four, or eight-digit HSN Code for trading in commodities, depending on the previous year’s turnover. Dealers having a turnover of less than 1.5 crore rupees in their previous year need not adopt the HSN code for their com...
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 ...
HSN Code System Under GST With the introduction of GST, HSN codes are implemented through a 3-tiered system: Turnover under ₹1.5 crore: No requirement to use HSN codes. Turnover between ₹1.5 crore and ₹5 crore: Mandatory use of 2-digit HSN codes. Turnover over ₹5 crore: Requ...
The HSN codes for mandatory mapping/classification of goods that need to be used by a taxpayer are as follows; Taxpayers whose turnover is Rs. 5 crore and above shall use 4 digit HSN code Taxpayers whose turnover is above Rs. 1.5 crore but below Rs. 5 crore shall use 2 digit HSN cod...
Since 1986, India has been using HSN numbers in order to classify the commodities for customs and central excise duties. India follows a 8 digit HSN code structure which is divided into chapters (First 2 digits), headings(Next 2 digits), subheadings(following 2 digits) and the last two digi...
If a dealer or service provider’s turnover falls within the specified slabs, they must actively furnish a summary of sales categorized by HSN/SAC in their GSTR-1. FAQs 1. How does the 6-digit HSN code enhance classification and reporting for businesses?
HSN and SAC codes is that HSN codes are meant only specifically for goods and services, and SAC codes specify for services only. Other, difference is in the number of digits in their code and their relevance. Example - HSN Code is an 8-digit code, and SAC code is a 6-digit code. ...
Since from 1st April 2021 it is important for the GST assessee who posses the turnover exceeds 5 cr in the before fiscal year, to file 6 digits HSN Code (Harmonised System of Nomenclature Code), or as the case may be, SAC (Service Accounting Code) upon t