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Imminent challenges That will affect business Units after GST

Imminent Challenges for Business Units after GST

GST is one of the biggest tax reforms for India since Independence which has been implemented from July 2017. GST is not just a tax but it will be beneficial for the whole economy and would have a far-reaching effect on businesses. Various experts have identified that the procedure and working of business units will be affected by the new GST regime. If a business has started maintaining financial records, there are several points in which the government and the GST council has to put some extra attention, starting from the line. Read More

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Understand Process of Invoicing under GST Regime in India

Invoice Under GST Regime

An invoice is a prime tool used by the government to assess and calculate the valid taxes being imposed on the taxpayers. The invoice is ascertained on the goods and service provided by the seller and is noted down in the tax file for future reference in the tax department. But the goods and service tax in India is a latest and revised format for invoicing which will facilitate the overall computation and eligibility of tax on all the invoiced goods and services. Read More

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Simple Ways to Determine the Supply of Goods and Services in GST

Goods and Services in GST

What is meant by Supply of Goods and Services?

The supply of Goods and Services under the GST is the taxable entity. All the indirect taxes in the old taxation structure such as Service Tax, VAT/CST, Central Excise are subsumed under GST (Goods and Service Tax). With this subsumption, the concept of sales, manufacture of goods and the services will be irrelevant. There are some indirect taxes that are included in the GST. The taxes that are not included in the GST: Basic Customs Duty, Exports Duty, Road & Passenger Tax, Toll Tax, Property Tax, Stamp Duty and Electricity Duty. Read More

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Get Full List of HSN/SAC Codes for Your Business on GST Helpline

GST Helpline App with HSN Code
HSN (Harmonized System of Nomenclature) is used for maintaining the stability in the assortment of goods and is also internationally accepted by PCS (Product Coding System). It is developed by the WCO (World Customs Organization).

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. Read More

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