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-digit HSN code. Example of an HSN code – schematic The Importance of HSN Under GST The HSN system doesn’t only help Customs agen...
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...
SAC code in GST (GST codes) SAC and HSN are the similar codes under GST. In case of services, for each type of service provided is given an unified code for recognition, measurement and taxation. These are known as SAC codes. In the current service tax regime, SAC codes are already...
HSN codes are not required to be listed on invoices for companies registered under the composition scheme. All goods and services sold in India are categorised under the GST law using the HSN code system . Services are classed under the SAC Code, while goods are categorised using the HSN ...
GST Rate and HSN Code in Construction Services GST, short for Goods and Services Tax, stands as an indirect tax that has superseded various other indirect taxes in India like excise duty, VAT, and services tax. The enactment of the Goods and Service Tax Act occurred in Parliament on March ...
Grow your business with Marg ERP! Easy GST invoices and filing. Q3: Are there any exemptions or lower GST rates for specific products under HSN code 7214? A3: While the general GST rate for HSN code 7214 is 18%, certain products within this category may qualify for lower rates or exempti...
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 borders...
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For the fiscal year, 2021-22 Delhi Government held that the number of digits of the Harmonised System of Nomenclature (HSN) Code for average turnover. A declaration has been given by the government states that change in the notification of the government
The New GST return filing system also changes the HSN code level for goods and services. The new format makes it mandatory for traders to use the six-digit HSN code. However, under the current GSTR system, HSN code at the two-digit level and four-digit level is mandatory for businesses...