A lot of taxes have accumulated in the ambit of Goods and service tax which has been termed as the most ambitious tax regime and holds the capability to fuel the economy of the nation. The main purpose of the GST is to curb various taxes levied currently on goods and service across states and to rebuilt in ‘one tax one nation’ mode. Here we will talk about the indirect taxes that are included in GST and its benefits in the GST regime.
What is HSN Code and Why is it Used?The people have been trying to learn as much as possible about the new Tax system to be able to properly understand and accept it. While reading about GST, you must have often heard the term “HSN/SAC code” and wondered what it is. You can learn here everything about HSN and SAC codes and their applications.
SAC (Service Accounting Codes) which is used for identification of the services and is adopted by the CBEC (Central Board of Excise and Customs).
What is HSN Code and SAC Code?Under the GST system, each supply invoice has to mention the unique HSN code relevant to each product or SAC code for each service offered. HSN (Harmonized System of Nomenclature) is an international product coding system used for classification of goods. A unique HSN code is assigned to each saleable item or product in this coding system. All trading goods are classified into various chapters with each section containing goods of similar type. There are over 5,000 product categories in this system, each recognized by a unique 6-digit code. Similarly, every service category is also given a unique SAC code for identification.
What is the Need for HSN Coding System?
HSN is an international product coding system defined by the World Customs Organization (WCO) for a general classification of goods and products. It helps to identify specific products which may have different names in different languages. This is particularly useful for the international transaction of products.
HSN system is used by different tax structures in over 200 countries, including the GST system in India for international and internal tax management. The HSN system has made easier the harmonization of trade and tax procedures for the international trade.
SAG Infotech recently introduced its ambitious Gen GST software at the Pinkcity press club also covered by the public reading newspaper Pressvani. In order to move forward in its endeavor to provide the best service to its client and to keep the focus on the financial platform of the companies long term legacy in expert professional solutions.
The managing director Mr. Amit Gupta unveiled the Gen GST software to the respective invitees and media present over the occasion. And also mentioned the GST helpline which is a very popular app among the Android and iOS platforms known for its informational features.It can be downloaded directly from Google play store on android devices (Version 4.0 and above).
Nowadays, GST (Goods and Service Tax) has become a major topic for everyone in India and all are very eager to know any concise information about GST. The government and private firms have developed many applications for GST to provide a latest updates, informations and news. Among them, GST Helpline India App, which was introduced exclusively by SAG Infotech Pvt Ltd., also one of the best platform for getting all about GST including latest updates, article, draft law, etc. Interestingly, the app is accessible for both android and iOS users. Coming to the GST app itself, it is very well formed with decent layout and comes along with a variety of attached links related to GST information. Moreover, the said links can be easily accessed by the users.
GST has been implemented from July 1, 2017 in India. The active govt believes that GST will be a prominent step to boost the Indian economy.
In the same raw, to make GST more understandable for the public as well as professionals, a Jaipur-based taxation software company, SAG Infotech Pvt. Ltd. has developed a GST Helpline Mobile App. The app is designed to run on both the popular platforms, i.e., Android and iOS.