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How will the goods and services be classified under GST regime?

QuestionsCategory: GSTHow will the goods and services be classified under GST regime?
MaanavJain Staff asked 6 months ago

How will the goods and services be classified under GST regime?

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1 Answers
AdeshsSrivastav Staff answered 6 months ago

HSN (Harmonised System of Nomenclature) code shall be used for classifying the goods under the GST regime.
Taxpayers whose turnover is above Rs. 1.5 crores but below Rs. 5 crores shall use 2-digit code and the taxpayers whose turnover is Rs. 5 crores and above shall use 4-digit code. Taxpayers whose turnover is below Rs. 1.5 crores are not required to mention HSN Code in their invoices.
Services will be classified as per the Services Accounting Code (SAC).

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