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HSN Codeand Service Accounting Code (SAC)

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HSN Codeand Service Accounting Code (SAC)

HSN Codeand Service Accounting Code (SAC)

Recently the Ministry of Finance has announced that the 6 digit HSN (Harmonized System of Nomenclature) code or SAC (Service Accounting Code) has been made mandatory for GST taxpayers with a turnover of more than Rs5 crore.

The HSN Codes:

  • HSN stands for Harmonised System of Nomenclature code. This was introduced in 1988 by the World Customs Organization (WCO).
  • In industry classification systems, harmonized system (HS) codes are generally used in the export process for “goods”.
  • There are 21 sections in the HSN code. They are divided into 99 chapters which divided into 1244 sections.
  • India has been using the HSN code since 1986 to classify items for custom and central excise.
  • Around the world, it is used by customs officials to assess the duties and taxes of products and collect data related to it.

Service Accounting Code (SAC)

  • SAC code is related to service accounting.
  • It is issued by the Central Board of Indirect Taxes and Customs (CBIC) to classify each service under GST.

Benefits of HSN Code:

  • It provides greater ease of working together universally.
  • It helps in characterizing the goods, everywhere, for customs and central excise duties across the country.
  • It helps in determining uniform tax everywhere in the world.

Source: The Economic Times

 

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