Where is the 6 digit HSN code in GST?
Example: Where HSN 6 digits are specified to be reported in invoice, valid HSN codes as available in tariff, at both 6-digits and 8-digits can be mentioned….Clarification on reporting 4-digit/6-digit HSNs.
| S. No. | Aggregate Turnover in the preceding Financial Year | Number of Digits of HSN Code |
|---|---|---|
| 1. | Upto INR 5 crores | 4 |
Who can use 6 digit HSN code?
As per the said notification, registered taxpayers with aggregate turnover in the preceding financial year exceeding INR 5 crores would be required to issue invoices basis 6-digit HSN code instead 4-digit HSN code. All TR Suppliers in India will have to comply with the aforesaid requirement.
Who can use 2 digit HSN code?
2-digit HSN code for goods From the second year of GST operations, mentioning 2-digit chapter level HSN code will be mandatory for all taxpayers with turnover between Rs. 1.5 crore and Rs. 5 crore in the previous financial year.
What is HSN code no?
HSN code stands for “Harmonized System of Nomenclature”. This system has been introduced for the systematic classification of goods all over the world. HSN code is a 6-digit uniform code that classifies 5000+ products and is accepted worldwide.
Who can use 2-digit HSN code?
How do I find my 8 digit HSN code?
In the 8 digit structure of an HSN Code, the first 2 digits define the Chapter, at 4 digit level are the headings, at 6 digit are the subheadings and finally at 8 digit are the tariff items….Frequently Searched:
- Cement.
- Battery.
- Furniture.
- Rice.
- Sugar.
Who is eligible for HSN code?
HSN/ SAC codes The taxpayers who have turnover below the limit of Rs 1.5 Crore will have to mention the description of goods/service in place of code. Whereas, the description is optional for taxpayers who are required to furnish HSN/ SAC codes on the basis of aggregate turnover as below: Less than Rs.
What is the limit for HSN code?
Less than Rs. 1.5 crores – HSN/SAC code is not mandatory (Hence, composition dealers may not be required to specify HSN at 2-digit level also). Rs. 1.5 crores to Rs.
What do the numbers on the tariff schedule mean?
These numbers are called Harmonized Tariff Schedule (HTS ) codes. There are 21 Harmonized System Sections – the highest level of customs tariff code categorization. This HS code list is used to unify broad categories, like different types of vegetables (Section II, chapters 6-14).
How many digits are in an HS code?
HS numbers (or HS codes) are used by customs authorities around the world to identify products for the assessing duties and taxes, among other things (see below). HS codes are generally 10 digit long. However, governments harmonize (overlap) the HS codes up to first six digits.
Which is the highest level of customs tariff code?
There are 21 Harmonized System Sections – the highest level of customs tariff code categorization. This HS code list is used to unify broad categories, like different types of vegetables (Section II, chapters 6-14). These sections are dictated by the WCO and are unified across every member country.
How is the HS tariff system used to ease trade?
As signatories, each country agrees to classify its HS tariff code and duty structure according to the HS Code categories. The Harmonized System is used to ease global trade by creating unified categories to classify different types of goods.