For example, SAC code 997212 covers rental or leasing services involving owned or leased non-residential property. Breaking it down: The initial “99” refers to services. The “72” represents the primary category, which is leasing or rental services. The “12” specifies the service as rental...
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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 the goods and services tax framework by...
HSN code is used by countries across the globe when trading goods and services. Each item is assigned a six-digit code in order to accurately identify the goods being traded and for quick and easy comparison. For example, computer parts are classified under HSN 8473. It allows for easier tr...
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This structured framework not only aids in the accurate classification of services for tax purposes but also helps businesses comply with GST regulations effectively. The Importance of the HSN Code Systematic Identification The HSN code provides a structured way to identify and group goods based on ch...