How do I find my HSN code?
For example, if you are selling fresh bananas, you can find your HSN code under Section 02: Vegetable Products, Chapter 08: Edible fruits and nuts; peel of citrus fruits or melons, Heading 03: Bananas including Plantains, Subheading 9010: Bananas, fresh. Your HSN code will be 0803.
18%
What is the HSN code for services?
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.Why is HSN important under GST?
5%
How do I find my 6 digit HSN code?
Example: Where HSN 6 digits are specified to be reported in invoice, valid HSN codes as available in tariff, at both 6-digits and 8-digits can be mentioned.Clarification on reporting 4-digit/6-digit HSNs.
The Bifurcation of HSN Code The chapters are further divided into headings, sub-headings and tariff items. In the 8 digit structure of an HSN Code, the first 2 digits define the Chapter, at 4 digit level are the headings, at 6 digit are the subheadings and finally at 8 digit are the tariff items.
How is HSN code 9954?
The full form of HSN Code is Harmonized System of Nomenclature. It was introduced in 1988 by the World Customs Organization (WCO). It is a 6-digit code that separates different products.The HSN CODE FOR Construction services is 9954.
The HSN CODE FOR Information technology (IT) design and development services is 998314. The full form of HSN Code is Harmonized System of Nomenclature. It was introduced in 1988 by the World Customs Organization (WCO). It is a 6-digit code that separates different products.
Is HSN and SAC code same?
The main difference between HSN and SAC codes is that HSN codes are meant only specifically for goods and services, and SAC codes specify for services only. Other, difference is in the number of digits in their code and their relevance. Example - HSN Code is an 8-digit code, and SAC code is a 6-digit code.
What is the HSN Code? HSN Code acts as an internationally accepted goods classification system, used in over 200 countries. Under the HSN code system, goods have been classified into 97 different chapters. HSN code consists of 6 digits. The first two digits of the HSN codes represent the HSN code chapter.
What is the HSN code for service charges?
HS Code used for Service charge - Import
These slabs are assigned on the basis of basic necessity and economic activity. All those services which were attracting Service Tax at the rate of 15% now falls under the slab of 18% under GST regime.
What HSN code is 9988?
Manufacturing Services.
SAC Codes: SAC Code 9954 & SAC Code for Job Works | Tally Solutions.18-Nov-2019
What is the SAC code for Labour charges?
SAC Code 998519 – Other employment & labour supply services.
GST Notification 78/2020-Central Tax, dated 15.10. The Govt has reserved the power to notify upto 8 digits. HSN codes of 8 digits are mandatory only in case of export and imports of goods.
Is HSN code 6 digit or 8 digit?
HSN code stands for “Harmonized System of Nomenclature”. This system has been introduced for the systematic classification of goods all over the world. HSN code is a 6-digit uniform code that classifies 5000+ products and is accepted worldwide.
GSTN implemented mandatory mentioning of 6 digit HSN codes in GSTR-1 for turnover above 5 crore. The GSTN has implemented mandatory mentioning of 6 digit HSN codes in GSTR-1 for turnover above 5 crore on the GST Portal. It shall be available for the taxpayers w.e.f. 1st August, 2022.22-Jul-2022
Is 8 digit HSN code mandatory?
GST returns must be reported with the HSN code, just as invoices must include the HSN code at 6 and 4 digits. From April 1, 2020, businesses with an aggregated turnover of more than 5 crores in the previous fiscal year must upload an HSN summary with a 6-digit HSN number in GSTR-1.19-Aug-2022
In the GST regime, the goods and services in India are classified under two sections either in HSN Code system or the SAC Code System. Goods are classified under HSN and Services under SAC. The HSN Code under GST and SAC code are used in almost 200 countries as a basis for their customs tariffs.06-Jun-2019
What is HSN code for GST?
HSN codes for goods at 6 digits are universally common. Common HSN codes apply to Customs and GST. Codes prescribed in the Customs tariff are used for the GST purposes. In Customs Tariff, HS code is prescribed as heading (4 digits HS), sub-heading (6 digits HS) and tariff items (8 digits).01-Apr-2021
How do I find my HSN code?