7 months, 4 weeks ago mycaguruKeymaster
HSN Code List for GST, Find HSN Code for Your Business. HSN stands for Harmonized System of Nomenclature which is internationally accepted product coding system used to maintain uniformity in classification of goods. AND SAC stands for Service Accounting Codes which are adopted by the Central Board of Excise and Customs (CBEC) for identification of the services.
HSN (Harmonised System of Nomenclature) code shall be used for classifying the goods under the GST regime. Taxpayers whose turnover is above Rs. 1.5 crores but below Rs. 5 crores shall use 2 digit code and the taxpayers whose turnover is Rs. 5 crores and above shall use 4 digit code. Taxpayers whose turnover is below Rs. 1.5 crores are not required to mention HSN Code in their invoices.
What are HSN codes?
- HSN or HS (Harmonized Commodity Description and Coding System) is developed by World Customs Organization (WCO).
- All goods are classified based on these codes.
- It is an internationally accepted product coding system.
- Presently in India this system is used for classification of goods under Customs and Central Excise since 1985.
- This system is would continue under the GST regime as well.
What is SAC Code?
SAC remains for Services Accounting Code – which is a brought together code for acknowledgment, estimation and tax assessment of administrations. SAC has been in presence from the past administration itself, and have been characterized for each sort of administration by the legislature for the best possible demand of Service Tax. A similar code is required to proceed in the GST period.
HSN and SAC codes in GST
Under GST, all merchandise and ventures provided in India have been characterized – Goods are ordered under the HSN Code and Services are arranged under the SAC Code. In light of the HSN or SAC code, GST rates have been settled in five sections, in particular 0%, 5%, 12%, 18% and 28%.
In the GST administration each receipt should say HSN code for all merchandise which are sold and SAC code for all administrations which are given. Organizations will along these lines, should know about the HSN code rundown and SAC code list for all GST relevant supplies they are managing in. Under GST, greater part of the merchants should receive two, four, or eight digit HSN codes for their items, contingent upon their turn-over the earlier year. The accompanying are the itemized necessities:
- Organizations with turnover of not as much as INR 1.5 crores – won’t be required to utilize HSN codes
- Organizations with turnover between INR 1.5 crores and INR 5 crores – will be required to utilize 2-digit HSN codes
- Organizations with turnover equivalent to INR 5 crores or more – will be required to utilize 4-digit HSN codes
- Imports/Exports – 8-digit HSN codes
- Administrations – 5-digit SAC codes
Points to Note
Little merchants under structure plan won’t be required to say HSN/SAC codes in their solicitations.
HSN/SAC codes should be said in receipt and specified in the GST government form subtle elements, which will be transferred on the GSTN entryway.
At the season of GST enrollment/GST movement , the HSN/SAC codes of the provisions a business bargains in, should be specified.
Download HSN, SAC Code List in Excel, PDF
Here we provide the list of all HSN and SAC codes for your running business. you can simply in PDF format download from the link given below :-