My friend is a businessman and he was explaining GST and HSN to me a few days ago. Let me tell you what is HSN code in GST registration in this answer.
HSN (Harmonized System of Nomenclature) code is required for both B2C and B2B tax invoices on the supplies of services and goods. The World Customs Organization (WCO) was introduced in 1988 for a systematic classification of goods both international and national. It is a six-digit code that classifies several products.
HSN codes apply to GST and Customs. There are different HSN codes for different goods. These codes make the filing of GST returns by removing the need to upload details about the goods.
The codes given in the Customs tariff are used for GST purposes too. HSN is used all over the world. HSN codes eliminate the need to upload details about the commodities which makes filing GST returns easier.
Let’s Understand the HSN CodeThe HSN structure contains 0021 sections, with 0099 Chapters, 1244 headings, and 5224 subheadings. This system helps make GST globally accepted and more simple.
For instance,
Handkerchiefs crafted from Textile matters 62.13.90
The 62 (the first two digits) signify the chapter number for Articles of clothing and apparel accessories, not crocheted or knitted.
13 (Next two digits) signify the handkerchiefs’ heading number.
90 (last two digits) is the product code for handkerchiefs crafted from other textile materials.
Our country has two more digits for a deeper classification.
If the handkerchiefs are crafted from silk or from silk waste, then the HSN code is 62 . 13 . 90 . 90.
If the handkerchiefs are crafted from a man-made fiber, then the HSN code is 62 . 13 . 90 . 10.
What is HSN code in GST in Hindi
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Read more:
How to find HSN code?
How to claim GST refund?
Which Items are Taxable Under GST?
How to pay GST challan online?
I hope now you have a complete understanding on what is HSN code in GST registration.
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What is HSN code in GST?
Neeraj
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2022-02-28T13:06:24+00:00 2024-05-27T11:58:51+00:00Comment
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