What is the difference between HSN and HS Code?
What Is HSN Code? The full form of HSN stands for “Harmonized System of Nomenclature”. HS Code which is known as HSN Code in India was developed by World Customs Organization (WCO) as a standardised system that classifies goods all over the world in a systematic manner.
What is HSN bag code?
HSN Code 6305
| HS Code | Description | GST\% |
|---|---|---|
| 630533 | Sacks and bags, for the packing of goods, of polyethylene or polypropylene strip or the like (excluding flexible intermediate bulk containers) | 12\% |
What is the meaning of SAC code in GST?
Services Accounting Code
SAC Codes or Services Accounting Code is a system of classification developed by the service tax department in India for the classification of services. GST Council has decided to adopt the SAC code system for levy of GST in India. GST for service is levied in 5 slabs namely 0\%, 5\%, 12\%, 18\% and 28\%.
Is HSN code is mandatory for all the dealers?
From the second year of GST operations, mentioning 2-digit chapter level HSN code will be mandatory for all taxpayers with turnover between Rs. 1.5 crore and Rs. 5 crore in the previous financial year.
What is the HSN code for school bags?
HS Code used for School bags – Export
| Hs Code | Description | No of Shipments |
|---|---|---|
| 4202 | Trunks, Suit-Cases, Vanity-Cases, Executivecases, Brief-Cases, School Satchels, Spectaclecases, Binocular Cases, Camera | |
| 42021290 | Other | 112 |
| 42022290 | Other | 101 |
| 42021240 | Satchels | 66 |
What is the GST rate on briefcase?
HSN Code 0905
| HS Code | GST\% |
|---|---|
| 09050020 | 5\% |
How are HSN codes given?
The structure of HSN code has about 21 groups, and these groups are further classified into 99 chapters. The chapters are then divided into headings that are about 1244 in number. Each Chapter is named as a two-digit HSN number. Each two-digit HSN number is sub-classified into a four-digit HSN code.
Is SAC code mandatory in invoice?
SAC code is not mandatory if the companies turnover is less than Rs. 1.5 crores. SAC code is mandatory for the business turnover is between Rs. 5 Crs turnover of the dealer or company one must mention the SAC codes.