Table of Contents
Who can use 8 digit HSN code?
Any business who is into export and import, irrespective of turnover shall use 8 digit HSN code. What is SAC? Service Accounting Code (SAC) is a unique code that is identical to the International HSN codes in many ways.
What is the criteria for HSN code in India?
There are certain criteria on which the HSN depends on. They are mentioned below: No HSN code is required to businesses whose turnover is less than 1.5 crore INR Any company whose turnover is more than 1.5 crore INR but less than 5 crores INR shall apply 2 digit HSN code.
What is the structure of HSN code?
Structure of HSN code HSN code is a six-digit number for goods, this six-digit number consists of two number each for Chapter: Under HSN module there are 99 chapters. Heading: Under these chapters, there are 1244 headings.
What is the HSN code for a handkerchief?
Decoding digits of the HSN Code: The GST Council has put two more digits for a micro classification of the products. For a handkerchief made of human fiber, the HSN code is 62.13.90.10 and for a handkerchief made of silk or silk waste, the HSN code is 62.13.90.90.
Why was the HSN code adopted by India?
HSN code was adopted by India to make GST standardized and worldwide accepted. This has also minimized the cost that are related to international trade as it will bring harmonization in trade and customs procedures.
How can I change the HSN code of a product?
The first six digits of HSN code cannot be altered as per the guidelines of WCO but last four digits which includes Regional tariff and National tariff can be changed by the customs authority.
What is HSN in GST and how does it work?
The HSN will help every taxpayer in India to search the GST rate by just entering the HSN code after that the system will automatically show the tax rate applicable on the commodity under the GST, hence abridging and simplifying the trade related procedures in India.