Quick Answer: What Is A HSN Code In GST?

What is GST code?

The GSTIN is a unique 15-digit number provided to a taxpayer registered under the GST.

The first two digits of the GSTIN represents the state code.

Here’s the list of the valid GST State Codes and their Tax Identification Numbers(TIN):.

Where do I find my HSN code GST?

Understanding the HSN CodeFirst two digits (62) represent the chapter number for Articles of apparel and clothing accessories, not knitted or crocheted.Next two digits (13) represent the heading number for handkerchiefs.More items…

What is HSN code India?

HSN or HS (Harmonised Commodity Description and Coding System) is a multipurpose international product nomenclature developed by the World Customs Organization (WCO).

What is SAC or HSN code?

HSN Stands for Harmonized System Nomenclature and SAC stands for Service Accounting Code. It is an internationally adopted system for commodity description and product nomenclature system developed by the World Customs Organization (WCO).

Why is HSN code required?

Conceptualized by the World Customs Organisation, the main purpose of HSN is to classify goods in a systematic and logical manner. This brings in a uniform classification of goods and facilitates international trade. It was originally using 6-digit HSN codes to classify commodities for Customs and Central Excise.

What is the meaning of 8 digit HSN code?

In India, we use 8-digit HSN and SAC codes, where the first 2 digits of the code stands for the chapter where the good or service is listed in the Code List. Next 2 digits are the Chapter, followed by 2 digits for the product. Last 2 digits are further classification of the product for greater ease in classification.

What is HSN code for gold?

GST Rate & HSN Code for Precious Stones – Chapter 71HSN CodeDescriptionRate (%)7108Gold (including gold plated with platinum) unwrought or in semi-manufactured forms, or in powder form37110Platinum, unwrought or in semi-manufactured forms, or in powder form322 more rows

What is HSN code list?

What is HSN Code? HS Code which is known as HSN Code in India, was developed by World Customs Organization (WCO) as a standardised system which classifies goods all over the world in a systematic manner. HSN stands for “Harmonized System of Nomenclature”.

How many digits is HSN code in GST invoice?

4 digits4-digit HSN code for goods HSN code of 4 digits will be mandatory for taxpayers having turnover more than Rs.

Can I add more than 5 HSN code in GST?

For including new goods and services in the GST registration, you need to type the relevant HSN codes inside the HSN codes field provided just below the Non-Core Fields. … You have to tap on it, and the relevant goods type will be added. Note:- This way you can include up to 5 goods only on your GST registration.

What is HSN code in invoice?

HSN stands for Harmonized System of Nomenclature which was developed by the World Customs Organization (WCO) with the vision of classifying goods all over the World in a systematic manner. HSN contains six digit uniform code that classifies 5,000+ products and which is accepted worldwide.

What is the HSN code for job work?

Service Accounting CodeJob work HSN code or SAC The job work is a service activity carried out on behalf of the manufacturer and the input is owned by the supplier. Therefore, the HSN code for job work will be a Service Accounting Code(SAC). Here are some of the services falls under 9988 SAC.

How do I find my HSN code in SAP?

Click on the TCode for more details and click on the Functional Area to see all the tcodes specific to that module/sub-module.

What is HSN SAC code in GST?

Under GST, all goods and services supplied in India have been classified – Goods are classified under the HSN Code and Services are classified under the SAC Code. … In the GST regime each invoice will have to mention HSN code for all goods which are sold and SAC code for all services which are provided.

How do I get a HSN code?

To configure this, Go to Accounts Information > Groups > Create > Sales Group(Select the ledger group for which you want to set up HSN code) > Set alter GST details > Enter Yes > Enter HSN code here. In this way, you can create HSN codes in Tally at the various levels applicable to you.

What is HSN code?

Harmonized System NomenclatureHSN stands for ‘Harmonized System Nomenclature. ‘ The WCO (World Customs Organization) developed it as a multipurpose international product nomenclature that first came into effect in 1988 with the vision of facilitating the classification of goods all over the World in a systematic manner.

What is HSN code in Flipkart?

HSN is Harmonized System of Nomenclature code that is used for classifying the goods under the Goods and Service Tax (GST). For sellers to update HSN codes without much hassle, Flipkart has added the required field on the listings tab where sellers can select appropriate HSN codes and tag their products.

How do I read an HSN code?

The first two digits represent the HS Chapter. The second two digits denotes the HS heading. The third two digits denotes the HS subheading. For deeper classification, Customs and Central Excise added two more digits to the 6 digits to make the code more precise, resulting in an eight-digit classification.

Is HSN code and SAC code same?

Similar to the International HSN Codes, India has adopted a Service Accounting Code (SAC) for all its services. … Since GST is a combination of goods and services both, an equable classification for services is also required. SAC will remain the same under the GST regime. Here is a list of SACs announced by Government.