top button
Flag Notify
    Connect to us
      Site Registration

Site Registration

How will the goods and services be classified under GST regime in India?

+2 votes
226 views
How will the goods and services be classified under GST regime in India?
posted Jun 26, 2017 by Naveen Kumar

Share this question
Facebook Share Button Twitter Share Button LinkedIn Share Button

1 Answer

0 votes

HSN (Harmonised System of Nomenclature) code shall be used for classifying the goods under the GST regime. Taxpayers whose turnover is above Rs. 1.5 crores but below Rs. 5 crores shall use 2-digit code and the taxpayers whose turnover is Rs. 5 crores and above shall use 4-digit code. Taxpayers whose turnover is below Rs. 1.5 crores are not required to mention HSN Code in their invoices. Services will be classified as per the Services Accounting Code (SAC).

answer Jun 27, 2017 by Babita Thawani
...