We design Docy for the readers, optimizing not for page views or engagement
1 Posts
0 Posts
0 Posts
Since the implementation of the Goods and Services Tax (GST) in India, goods and services are classified under various tax slabs including 5%, 12%, 18%, and 28% GST rates. The HSN (Harmonized System of Nomenclature) code, developed by the World Customs Organization (WCO), provides a standardized classification system for goods globally with a uniform six-digit code for over 5000 products. Introduced in 1988, the HSN system ensures consistency in classifying goods across borders, facilitating international trade and data analysis. Similarly, services are classified under GST using Service Accounting Codes (SAC) to ensure uniformity in recognition, measurement, and taxation.
Learn languages online with the world's best tutors