GST Tax Rate for HSN SAC Code Number

When making purchases, it’s important to be aware of the GST tax rate for the HSN SAC code number associated with the goods or services. The Harmonized System of Nomenclature (HSN) is a standardized system used to classify goods for taxation purposes, while the Services Accounting Code (SAC) is a similar system used to classify services. Understanding the correct tax rate for your specific HSN SAC code number can help you avoid overpaying or underpaying taxes on your purchases, and ensure that you are in compliance with local laws and regulations.

What is the HSN Code List?

The HSN Code List is a standardized system used to classify goods and services in India. HSN stands for ‘Harmonized System for Nomenclature’ and was implemented to ensure an organized method of categorizing all products. Each item is assigned a six-digit HSN code, allowing for uniform identification of over five thousand goods. It’s worth noting that products involved in import and export require an eight-digit HSN code.

Advantages of GST HSN Code

What are the benefits of the GST HSN Code?

The implementation of the GST HSN Code offers numerous advantages. Firstly, it has simplified the tax system, making it more efficient and manageable. Additionally, the elimination of cascading has resulted in a reduction in the prices of goods and services, benefitting both businesses and consumers. The uniform pricing throughout the country ensures parity across regions, promoting fairness in the tax system. Furthermore, the implementation of the GST HSN Code has brought about greater transparency in the taxation system, reducing the likelihood of fraudulent activities. Lastly, this new system has also created new employment opportunities, contributing to the growth and development of the economy.

What are the GST Tax regime and its turnover?

Under the GST tax regime, goods are classified using the Harmonised System of Nomenclature (HSN) code. Taxpayers with a turnover above Rs. 1.5 crores but below Rs. 5 crores are required to use a 2-digit HSN code, while those with a turnover of Rs. 5 crores and above must use a 4-digit code. However, taxpayers with a turnover below Rs. 1.5 crores are not obligated to include the HSN code on their invoices. Services, on the other hand, are classified according to the Services Accounting Code (SAC).

Who will fix GST rates?

The responsibility of determining the GST rates lies with the collaboration of the Central and State governments. The CGST and SGST will be imposed at agreed-upon rates, which will be communicated once the GST Council puts forth its recommendations.

GST HSN Code Search Tool

How to check the HSN code list?

To facilitate the process of verifying or searching for GST HSN codes, we present a user-friendly tool. To access it, follow these steps:

1. Visit the official GST website at gst.gov.in.
2. Click on the ‘Search HSN Code’ button located at the top of the webpage.
3. You will be redirected to another webpage at services.gst.gov.in/services/searchhsnsac.
4. Choose between HSN Code or Description and then input the relevant code or description in the search box provided.

GST Weekly Update (08.01.2022)

The GST Weekly Update for the period ending January 8th, 2022 reports that a total of Rs. 1,29,780 crore in gross GST revenue was collected in December 2021. This amount includes Rs. 22,578 crore in CGST, Rs. 28,658 crore in SGST, Rs. 69,155 crore in IGST (which includes Rs. 37,527 crore collected on imported goods), and Rs. 9,389 crore in Cess (which includes Rs. 614 crore collected on imported goods). Additional details can be found on the website www.cbic.gov.in. Click to view more details www.cbic.gov.in

All HSN Code List

GST HSN Code Number starting with 0

GST HSN Code List

The following is a list of HSN codes for GST, beginning with the number 1. Examples of these codes include 1106, 1207, 1404, 1701, 1704, and 1902, each with an associated GST rate.

HSN Code List with GST Rate

This is a list of HSN codes specific to India, which are used for Goods and Services Tax (GST) purposes. The codes listed begin with the number 2

HSN Code List India

GST HSN Code Number starting with 3

HSN Code List for GST in India

GST HSN Code Number starting with 4

List of HSN Code in GST

GST HSN Code Number starting with 5

GST HSN Code List

GST HSN Code Number starting with 6

HSN Code with GST Rate

GST HSN Code Number starting with 7

GST HSN Code

GST HSN Code Number starting with 8

HSN Code List

GST HSN Code Number starting with 9

HSN Code