Table of Contents
Can you amend HSN in GST?
Yes you can amend your GST registration and add new HSN Code. This type of amendment will be of non-core field. The amendment will get effective on filing the application.
Can same product have different HSN code?
Due to very specific nature of industry the gst rate for the same product when sold to a defense customer in India and to an aerospace firm are different due to which even the HSN codes are different. However in material master we can maintain only one HSN code.
What is the difference between HS Code and HSN 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.
Can same HSN code have different GST rates?
it has been clarified that though both machine and parts are classified under the same HSN upto 4 digit, the rate of GST is different.
How do I amend additional business in GST?
Step-by-step guide on how to add an additional place of business on the GST portal
- Step 1: Log in to the GST portal.
- Step 2: Navigate to Service>Registration option and then select the amendment of registration core fields.
- Step 3: Various tabs of editing will be displayed on the screen.
What happens if HSN code is incorrect in GST?
So if you are furnishing incorrect HSN Code, buyer will not be able to claim input tax credit. Also, HSN are unique codes and these can be linked to GST rates. So at the time of filing return you may just have to select HSN Code and system will automatically fetch applicable GST rate.
Can a buyer lose the HSN code on a tax invoice?
The buyer can lose the INPUT TAX CREDIT. HSN Code has 8 digits. The Act provides turn-over-wise slabs for a minimum number of digits (of these 8) be specified correctly on the tax Invoice. Mostly the first 4 digits would rarely be wrong… because it is the same as what Manufacturers used to call “Excise Chapter Sub-heading” before GST.
What is the HSN/HS code?
The reason behind using HSN/HS code is that one product has different name all around the world. To avoid miss communication the HSN/HS code is introduced by WCO (world custom organisation). Can I export goods in different HSN codes if I buy them in another HSN code?
How to search for HS codes?
Hit search for all results if the recommendations do not contain the right HS code. Click on the 4 digit code to get 6 and 8 digit HS code details for export-import purposes, as well as the GST Rates. Search by HSN Code: Type the first 2 or first 4 digits of the HSN Code. Click on the desired result to get more information about the HSN code.