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An HSN rate finder helps businesses search and find applicable GST rates for goods/services using HSN codes.

Understanding GST Rate Finder and HSN Code List

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"Understanding GST Rate Finder and HSN Code List"

Shefaali Bopana

From budgeting to expenses management and everything in between

<p>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.</p><h2>What is HSN Code?</h2><p>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.</p><h2>Importance of HSN Code</h2><ol role="list"><li>HSN code is accepted worldwide for classifying products, making it a logical way of identifying goods for domestic and international trade.</li><li>HSN code accumulates data and helps understand domestic and international trade efficiently.</li><li>HSN code helps the government make strategies for macroeconomic policies related to the trade of commodities.</li></ol><h2>How Does HSN Code Work?</h2><p>Depending on the condition, dealers and trading people typically use HSN codes. HSN code can be used with two, four or eight figures.</p><ol role="list"><li>HSN codes are not required if your company's annual revenue is less than ₹1.5 crores.</li><li>If your company's annual revenue is between ₹1.5 crores and ₹5 crores, you should use a two-digit HSN number for all commercial transactions.</li><li>You should use a four-digit HSN number if the company's annual income exceeds ₹5 crores.</li><li>Eight-digit HSN codes are required if the company indulges in import and export activities.</li></ol><h3>The HSN modules classify goods into numerous categories:</h3><ol role="list"><li>99 Chapters</li><li>21 Sections</li><li>1244 headings</li><li>5244 subheadings</li></ol><p>For instance, a product has an HSN number: 30 07 80 20</p><ol role="list"><li>In the code, the initial two numbers that are 30 represent the chapter of the HSN code.</li><li>The following two numbers, 07, indicate the chapter headers.</li><li>The next two numbers, 80, represent the sub-headings, and this six-digit HSN code is accepted by everyone globally.</li><li>The last two numbers, 20, subclassify the goods duty title while importing and exporting supplies.</li></ol><h2>Conclusion</h2><p>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.</p><p>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&nbsp;open a Federal Bank savings 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 &amp; reward you for making significant financial choices. Fi and its licensed banking partner help categorise your daily, weekly &amp; monthly expenses to manage your money online easily — so you spend smarter...not less.</p><h2>Frequently Asked Questions</h2><h3>Who is eligible for the HSN code in GST?</h3><p>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.</p><h3>How to add the HSN code to the GST portal?</h3><p>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.</p><h3>What is an HSN rate finder?</h3><p>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.‍</p>

Understanding GST Rate Finder and HSN Code List | Fi Money

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