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SAC code for Registration For registration, we use the following codes which are same as of Service Tax Code Description 00441070 ACCOMMODATION IN HOTELS, INN, GUEST HOUSE, CLUB OR CAMP SITE ETC.
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Harmonized System of Nomenclature number for each commodity is accepted by most of the countries. The HSN number remains same for almost all goods. However, HSN number used in some of the countries varies little, based on the nature of goods classified. HSN in India India is a member of World Customs Organization(WCO) since 1971. It was originally using 6-digit HSN codes to classify commodities for Customs and Central Excise. Later Customs and Central Excise added two more digits to make the codes more precise, resulting in an 8 digit classification. Understanding the HSN Code The HSN structure contains 21 sections, with 99 Chapters, about 1, 244 headings, and 5, 224 subheadings. Each Section is divided into Chapters. Each Chapter is divided into Headings. Each Heading is divided into Sub Headings. Section and Chapter titles describe broad categories of goods, while headings and subheadings describe products in detail. For example: Handkerchiefs made of Textile matters 62. 13. 90 First two digits (62) represent the chapter number for Articles of apparel and clothing accessories, not knitted or crocheted.
This HSN code helped the government to implement GST on goods and services seamlessly as HSN system was already adopted by India under Central Excise and Customs regime. Let us see the format of HSN code Application of HSN code in India There are certain criteria on which the HSN depends on. They are mentioned below: No HSN code is required to businesses whose turnover is less than 1. 5 crore INR Any company whose turnover is more than 1. 5 crore INR but less than 5 crores INR shall apply 2 digit HSN code. digit HSN code is required in the case any business has a turnover of more than 5 crores INR. Any business who is into export and import, irrespective of turnover shall use 8 digit HSN code. What is SAC? Service Accounting Code (SAC) is a unique code that is identical to the International HSN codes in many ways. SACs are issued by Central Board of Indirect Tax to classify each service so as to identify the applicable rate of tax on the respective services. These SACs are used at the time of generating invoices for the services rendered.
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Business with turnover less than 1. 5 crores will not require SAC codes for their goods and commodities. Businesses with turnover between Rs. 1. 5 crores and Rs 5 crores shall be required to use two digit SAC codes for their commodities. Business that have a turnover of 5 crores and above will require to use 4 digit SAC codes. In case of imports and exports the SAC codes will be 8digits. The small dealers under composition scheme will not require to mention SAC codes in their invoices. The codes will be mentioned in invoice and in the GST tax return details which will be uploaded on the GST portal. The small business under composition scheme will not be required to mention SAC codes in their invoice. At the time of registration, migration the business taxpayer will be required to mention HSN codes of the goods he deals with during registration Services will be classified as per the services accounting code SAC there service accounting codes issued by the govt. for service tax. This is expected to remain stable in GST regime.
Please visit our handy HSN Calculator to find out both HSN codes of goods & SAC codes of services. What is UQC? UQC stands for Unique Quantity Code. In simple terms, it is a unit of measurement such as 1 kilogramme of wheat, 1 litre of oil etc. What is UQC in GST? As per CGST Rules, any tax invoice, credit note, debit note must have UQC or quantity unit description. For example- 100 metres of fabric Refer our article on UQC for more information. To minimize errors while filing GST returns, it's important to know the right HSN code for your product. Use ClearTax HSN Calculator to find out the HSN code for your product. Our ClearTax GST Software has all the HSN codes inbuilt. You need to select the items you sell only once in the Item Master. Once you are done, your HSN code will be automatically populated in all your invoices and returns. Simplify your GST Filing Process with ClearTax GST Software. Calculate monthly Pension & Tax Benefits through Cleartax NPS Calculator FinTech Glossary - Here is a way out for you to understand the jargons used in FinTech IFSC Code Search India - Search & Find IFSC & MICR for all Bank Branches Disclaimer: Rates given below are updated as per 31st GST council meeting held on 22nd December 2018 to the best of our information.
With GST taking control most of the business owners will have to take up two to four or eight digits HSN codes for their goods and services depending on their turnover for a year. Dealers who have a turnover of Rs 1. 5 crores up to 5 crores will have to use two digit HSN code. Dealers with turnover less than 1. 5crores will not have to use it. The dealers who crosses the 5 crores margin will have to use 4 digit HSN codes. In case of business that deals with import and export they will have to use 8 digit code which will be compulsory. How is HSN code classified? It has 21 sections with 99 chapters, 1, 244 headings and 5, 224 subheadings. They are arranged based on the product degree od manufacture or in terms of its technological complexity. The natural products that include plants and animals comes under the beginning of the section. While the man made or technologically advanced products that include machinery comes later. Every section is a collection of various chapters. The sections represent broader classification of the goods and chapters that represent a smaller section that comes down to particular product section.
However, the Customs and Central Excise added 2 more digits later to make HSN codes for better differentiation. With the introduction of GST in India, HSN is now being used under a 3-tiered system. This includes the following: Businesses that have a turnover of less than Rs 1. 5 crore do not need to use HSN Businesses that have a turnover of more than Rs 1. 5 crore, but still less than Rs 5 crore, must use 2-digit HSN codes Businesses that have a turnover of more than Rs 5 crore must use 4-digit HSN codes Businesses that deal with imports and exports have to use an 8-digit HSN code Within the context of GST, HSN codes are used in order to make GST something that is used worldwide. HSN codes, in general, contain 21 sections, within which you can find 99 chapters along with 1, 244 headings, and 5, 224 subheadings. Each section number that is used is further divided into chapters, which are then divided into headings and then, subheadings. The sections and chapters describe the product while the headings and subheadings offer much greater detail about the product itself.
