All goods and services exchanged in India are categorised as part of the SAC code system or the HSN code system under GST. Goods are categorised using the HSN Code, while services are categorised using the SAC Code. GST rates have been set in five classes called slabs which are ...
Understand what HSN codes are, their structure, and their significance in GST compliance. Learn how to identify and use HSN codes for your business.
Ensure that GST HSN code rates are included on invoices for all goods and services supplied, as this is a mandatory requirement for GST compliance. 7. Cross-Functional Collaboration Collaborate with departments such as finance, sales, and IT to ensure a coordinated effort in implementing HSN code...
Step by step procedure to login with GST common portal in India Mechanism of Payment of GST tax in India Levy of late fee for GST Tax returns filing in India I pay Service Tax on my services. But I am not sure how do I pay the new GST? Notice to GST return filing defaulters Usefu...
4 Conditions when applying for refund of Input Tax Credit (ITC) under GST 4 types of Goods and Services in India for GST rate How to identify the steps in enrolment process of a tax payer at the GST common portal. TDS under GST, Frequently Asked Questions ...
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). ...
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...
Read About: HSN Code List for GST Goods What is SAC Code? SAC stands for Service Accounting Code, a unique six-digit code used to classify services under the GST regime in India. SAC codes, issued by CBIC, help in identifying and categorizing services for tax calculation, with the first...
Further, such four-digit HSN codes are sub-classified into the six-digit HSN code. Example of an HSN code - schematic Structure of SAC Code Breaking up the 6 digit SAC in GST For example, the SAC for Information technology (IT) design and development services is 998314. ...
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...