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...
Yes, it is mandatory to use the HSN code for all goods and the SAC code for all services in every business transaction under the GST regime. The requirement varies based on the turnover of the business. 6. How can I find the correct HSN code for my product or service? You can use...
To simplify this crucial aspect of international shipping, consider using MYGTS (My Global Trade Services), a free and powerful online tool designed to help businesses navigate the intricacies of HSN code classification, duty calculation, and customs requirements. MYGTS empowers busine...
Find your product's HSN Code and GST Rate using our HSN Code Finder with which you can search by product name or code, and you can also use the category list to identify your HS Code.
In India, the HSN code serves as a classification tool for businesses to determine accurate Goods and Services Tax (GST) rates. Companies need the HSN code for GST registration, making invoices, and providing an HSN summary when filing GST returns. This is crucial, especially for...
HSN codes are regularly updated and revised in order to reflect changes in goods and services being traded. It is important for companies to keep up-to-date with the HSN code in order to ensure that goods are accurately classified when trading abroad. In conclusion, HSN code is a system us...
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...
HSN code only deals with goods underGST. for services there is another code known as SAC 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 ...
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 ...
Q4: How does the GST rate for HSN code 7214 impact businesses? A4: The GST rate for HSN code 7214 affects businesses by determining the tax liability on their steel products. It influences pricing strategies, cost calculations, and compliance requirements. Additionally, businesses may be eligible...