What is HSN Code? HSN code stands for “Harmonized System of Nomenclature,” a eight-digit code used to systematically name and classify goods for taxation and trade. It was developed by the World Customs Organization (WCO) and serves as the global standard for categorizing over 5,000 products...
The HSN codes for mandatory mapping/classification of goods that need to be used by a taxpayer are as follows; Taxpayers whose turnover is Rs. 5 crore and above shall use 4 digit HSN code Taxpayers whose turnover is above Rs. 1.5 crore but below Rs. 5 crore shall use 2 digit HSN cod...
What is HSN Code? HSN code stands for “Harmonized System of Nomenclature,” a eight-digit code used to systematically name and classify goods for taxation and trade. It was developed by the World Customs Organization (WCO) and serves as the global standard for categorizing over 5,000 products...
In order to identify the goods better India and some of the countries use this 8 digit code for easier and more number of classification. Some of the HSN codes uses dashes in the beginning of description which denotes an article that belongs to a group covered under a heading. A double...
In India, an eight-digit HSN/SAC code is used instead of a six-digit code. The first two digits stand for the chapter in which the goods or services will list in the Code List. The next two digits are the chapters, and the next two digits are for products. The last two digits ...
3. HSN Code Requirements TheHarmonized System of Nomenclature (HSN) codeis a six-digit code that classifies goods and services for taxation purposes. The Service Accounting Code (SAC) is a similar code for services. From 1 April 2021, businesses must mention theSAC/HSN codeon their invoices....
From the drop-down tab, simply select the goods or services to be supplied. If such a list is not previously typed in, one can simply select ‘Create Item’ and type in the relevant details of goods/services. The CGST tax rate will auto-populate (based on the universal HSN/SAC codes ...
What is HSN Code? HSN code stands for “Harmonized System of Nomenclature,” a eight-digit code used to systematically name and classify goods for taxation and trade. It was developed by the World Customs Organization (WCO) and serves as the global standard for categorizing over 5,000 products...