Harmonized System Code or also known as HSN code
is a product description that is needed for GST filing. In this blog, you’ll read
what GST HS code and from where you
can explore the list.
This code under goods and services
tax stands for HSN Code. It was established by the WCO in the year 1988.
Currently, it is adopted and used by over 200 countries. It categorizes over 95%
of the goods in the global marketplace and trade.
The list of HS
code is classified as follows-
·
Sections: Each section is devoted
to different categories including animal and vegetable fat oils, living animal
and animal goods, vegetable goods, and many more. There are twenty one sections
in HS code list.
·
Chapters: Chapters ahead classify sections.
For example- dairy products, live animals, crustaceans and fish, and goods of
animal come below the primary section of Living Animal and Animal goods. In
addition to this, every chapter has HS code for an item. There are ninety nine
chapters in this Coding System.
What is the Harmonized
System Nomenclature code in Goods and Services Tax?
Since HSN code categorizes the
products/commodities at a global level, the government of India decided to accept
a similar technique for a simple classification of products/goods under GST
tax. GST HSN Code creates the whole procedure
of charging GST hassle-free and simple.
Is HS code required?
Those businessmen having gross
revenue of fewer than 1.50 crore doesn’t need to enter harmonized commodity
description in the GSTR-1. Those taxpayers having gross revenue between 1.50 to
5 crores are needed to identify the two digits HS code. While taxpayers with
gross revenue of over 5 crores are needed to specify four digits harmonized
system code for products/commodities. Though, 8 digit HSN code is compulsory in
case of exporting and importing commodities/products.
Advantages
of the HSN Code
Identifying the products under the HS
code makes those goods/products identification simple and decreases the probabilities
of misapprehension. You don’t require entering a description of services and
products while filing goods and services tax returns if you fill the HS code while
supplying services and products.
HS code offers a classification of
products and services on the local and global level as well. HSN Code list with GST rate of products
is available at our official website.
Seair Exim Solutions is one of the
famous online
import export data provider companies in India. If you are looking for
same you can contact us on the details given below-
Phone No:
+91-11-41325515, + 919990020716
Email Id-
info@seair.co.in
We have successfully served many reputable clients for Import-Export Data Information Services. Here are some of our clients:
Copyright © 2009 - 2023 www.seair.co.in. All Rights Reserved.
Leave a Comment