GST Basics 101: HSN & SAC Code Meaning
- Blog|GST & Customs|
- 1073 Views
- 2 Min Read
- By Taxmann
- Last Updated on 23 December, 2020
Understanding HSN Code & SAC Code Meaning:
The GST rate list is categorized as per the HSN and SAC Codes, allotted to each of the goods or services in supply. HSN code meaning is Harmonized System of Nomenclature, which is a 6-digit uniform code developed by World Customs Organization (WCO) for goods and is universally accepted. SAC code meaning can be easily understood as it stands for services. In India, we use 8-digit HSN and SAC codes, where the first 2 digits of the code stands for the chapter where the good or service is listed in the Code List. Next 2 digits are the Chapter, followed by 2 digits for the product. Last 2 digits are further classification of the product for greater ease in classification.
Taxmann’s GST Rate Finder Tool For Goods & Services:
In order to help businesses and traders determine the tax rates applicable on a particular good or service, Taxmann is offering a powerful GST Rate Finder tool, built with customized algorithm to show you the best possible matches for your queries. With each query entered in the GST Rate search engine, most relevant search result in boosted and reflected on the top. There are also suggestions for alternate search keywords in case of spelling errors. Users may search using goods or services name or can also go through pre-defined categories in order to analyze the entire chapter comprising the goods and services. The Taxmann Editorial team ensures that the rates are updated on a real-time basis, and the rates are accurately mapped with the relevant HSN or SAC Codes.
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