However, most suppliers are not aware that misclassification of HSN code is a punishable offense and that they will have to bare heavy charges for it. Refer to the table for an example: While importing With HSN Code 8528While importing Without HSN Code 8528 Supplier A Tax to be paid 28%...
"Tax" shall mean any federal, state, local or foreign income, gross receipts, license, payroll, unemployment, excise, severance, stamp, occupation, premium, windfall profits, environmental (including, without limitation, taxes under Code Section 59A), customs duties, capital stock, franchise, ...