HSN Codeand Service Accounting Code - Youth Destination IAS

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 Download Our AppMORE CURRENT AFFAIRS

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