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What are HSN and SAC Codes under GST India? States in India in past used to have their own methods for classifying tax rates on Goods. However, with the introduction of Goods and Service tax (GST) in India from 1 st July, there is a more uniform classification with the GST tax rates .
F4 helps in Fields HSN/SAC (Control Code in Material Master and Tax Tariff Code in Service Master) does not contains any value for country key IN (INDIA). Register Login Tutorials Forum PDF Books Interview Question Courses & Institutes Sample Resume Articles SAP Career Guidence Tool
GST is the new Indirect tax implemented in India from 1st July 2017. We will share an Excel sheet & PDF with Complete Gst rate,HSN & SAC Codes for Downloading.However this may not be a complete or exhaustive list of items under exemptions or attracting concessional rates under GST.
Similar to the International HSN Codes, India has adopted a Service Accounting Code (SAC) for all its services. GST will subsume the service tax, which covers all kinds of services at a national rate of 15%, apart from other rates in some cases.
Under GST, all goods and services supplied in India have been classified - Goods are classified under the HSN Code and Services are classified under the SAC Code. Based on the HSN or SAC code, GST rates have been fixed in five slabs, namely 0%, 5%, 12%, 18% and 28%.
HSN code and SAC code are the codes used to classify goods and services under GST regime in India. Click here to find HSN code of your Commodity for GST purpose The above information is about difference between HSN number and SAC number under GST in India.
Hence the move to the Harmonised System of Nomenclature (HSN) for goods and the Service Accounting Code (SAC) system for services. In this whitepaper, we'll focus on HSN codes as they relate to GST. HSN codes for Goods and Service Tax (GST) in India
To know what the GST codes, HSN code and SAC codes, let us first learn what is GST. GST is a newly passed bill which calls for a common tax over the nation and just one single type of tax filtering ll the extra and indirect taxes.
Under the GST system, each supply invoice has to mention the unique HSN code relevant to each product or SAC code for each service offered. HSN (Harmonized System of Nomenclature) is an international product coding system used for classification of goods. A unique HSN code is assigned to each saleable item or product in this coding system.
Harmonized System of Nomenclature (HSN) and Service Accounting Code (SAC) will be new concepts for most businesses, even though they have been borrowed from existing systems. Businesses need to determine the HSN and or SAC of the goods and services that they sell, since these are mandatory fields in a GST compliant invoice.