A new system was introduced under the Goods and Services Tax (Goods and Services Tax) Act, 2017. The new HSN code system, also known as SAC code system, is an Indian Coded Billing System. The GST system makes it easy for an individual or a business to identify and understand the GST code of each good and service. Based on the HSN or SAC code, GST rates have been fixed in five slabs, namely NIL, 5%, 12%, 18% and 28%.
This chapter is titled "Chapter" and the first digit (1) indicates the chapter under HSN code. The next two digits (39) indicate the first 2 digits of the chapter. The next three digits (08) indicate the headings. we'll be listing the new upcoming upcoming feature of the 2015 edition of HSN. We'll be looking at the currency code of currency, currency symbol and number 3 digits that will indicate the sub-headings, currency hierarchy and a lot more.
The mandatory reporting of HSN codes was introduced as per the revised GSTR-1 return from 1st April 2021. The requirement to be reported is by incorporating it in the GSTN/SFRIC returns. One of the biggest challenges that has been faced by tax authorities in recent years is the mandatory reporting of HSN codes. The government has been attempting to address this issue for many years, by looking at various options. In order to improve the situation, a notification was issued in 2016 to require taxpayers with an annual aggregate turnover of more than Rs. 50 lakhs to disclose HSN codes along with.