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 Accounting Codes, and it is a one-of-a-kind code used in India underneath the GT regime for the identification, evaluatio...
Update the state code and union territory. Create a Goods and Services Tax Identification Number (GSTIN) master. Define GSTINs for the legal entity, warehouse, vendor, or customer masters. Define Harmonized System of Nomenclature (HSN) codes and Service Accounting Codes (SACs). ...
(Harmonised System of Nomenclature Code) or, as the case may be, SAC (Service Accounting Code) on invoices issued for deliveries of taxable goods and services. There is anHSN coderequirement on B2B invoices if the previous fiscal year’s turnover was up to₹5 crore. Previously, the ...
HSN Code SAC Code Full FormHarmonized System of NomenclatureService Accounting Code LengthTypically 8 digits6 digits PurposeClassifies goodsClassifies services Structure2 digits for chapter, 2 for heading, 2 for product, 2 for sub-product2 digits for major service, 2 for specific service, 2 for su...
HSN Code SAC Code Full FormHarmonized System of NomenclatureService Accounting Code LengthTypically 8 digits6 digits PurposeClassifies goodsClassifies services Structure2 digits for chapter, 2 for heading, 2 for product, 2 for sub-product2 digits for major service, 2 for specific service, 2 for su...
products according to well-established rules that are accepted worldwide. This code has been developed by the World Customs Organisation (WCO) to enable efficient international trade. Similarly,SAC (Services Accounting Code)is a six-digit code used to classify the different services that are ...
Under the GST laws, the services will be classified as per the Services Accounting Code(s) (SAC) Provisions related to HSN code for GST India Small taxpayers with annual turnover up to Rs 1.50 crores in preceding financial year need not be required to mention HSN code wise GST rate in ...
Service Accounting Code, also known as SAC, is the code issued by the Central Board of Indirect Tax & Customs (Service Tax Department) to classify and identify the services offered. Each Service provided has a unique SAC code precisely like a unique HSN for different categories of products. ...
Q: What is the HSN code for PVC pipes and fittings in India? Ans: In India, PVC pipes and fittings are classified under the HSN code 3917.Q: What is the HSN code? Ans: The government uses the HSN code to track and monitor the movement of goods, services, and people across ...
While the HSN code system provides a framework for the classification of goods and services, determining the applicable GST rate for certain products can still be challenging. For example, there may be multiple HSN codes that apply to a particular aluminum structure, each with a different GST rat...