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HSN/ SAC codes under GST & List of HSN/SAC codes
Meaning of HSN and SAC The Harmonized Commodity Description and Coding System generally referred to as “Harmonized System of Nomenclature” or simply “HSN” is a multipurpose international product nomenclature developed by the World Customs Organization (WCO). HSN codes are used internationally to codifying and classifying all the products in the World. The system is used by more than 200 countries worldwide. Similar to the International HSN Codes, Under GST Services are also classified and have been allotted specific CODE commonly known as (SAC) Service accounting Code. So for all the Goods HSN codes while for the Services SAC numbers need to be specified in bills under GST Is it compulsory to mention HSN codes for Every Person? As per Notification No. 12/2017 – Central Tax following persons are require to file HSN/SAC codes. So according to above notification. the person whose turnover during Previous year i.e. for F.Y. 2016-17 was up to 1.50 ...
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