The introduction of the Goods and Services Tax (GST) has changed India's tax structure and replaced many indirect taxes with a single unified tax. The GST rate finder and HSN code list are essential tools for businesses and taxpayers to ensure compliance with tax laws and avoid penalties. Let’s understand the basics of the GST rate finder and HSN code list.
HSN code stands for ‘Harmonised System of Nomenclature’. The system was made to classify goods worldwide systematically. It is a 6- digit uniform code that classifies more than 5,000 products and is accepted worldwide. The HSN Code was introduced by the World Customs Organisation (WCO) and came into effect in 1988.
Depending on the condition, dealers and trading people typically use HSN codes. HSN code can be used with two, four or eight figures.
For instance, a product has an HSN number: 30 07 80 20
By using HSN codes, companies save a lot of time and money while filing their GST returns and can automate the GSTR submissions by using HSN codes.
When taking control of your finances and getting ready for tax season, you can instantly make sense of your personal finance with Fi Money. You can open a zero-balance savings bank account. Next, get all your money questions answered by Ask Fi, an intuitive personal finance assistant. Regularly use the app, as it encourages you to build better monetary habits, meet all your money goals & reward you for making significant financial choices. Fi and its licensed banking partner help categorise your daily, weekly & monthly expenses to manage your money online easily — so you spend smarter...not less.
Any business or individual engaged in the supply of goods or services and registered under the Goods and Services Tax (GST) is eligible for the HSN code.
To add the HSN code to the GST portal, log in to the GST portal, navigate to the ‘Services’ section and select ‘HSN/SAC Code Search’, enter the relevant information and save the HSN code to complete the process.
An HSN rate finder is a tool or resource that enables businesses to search and determine the applicable GST rates for specific goods or services based on their HSN codes.