HSN Current Affairs, GK & News
HSN Code: New rules
The Ministry of Finance recently announced that the businesses with annual turn over of more than Rs 5 crores will have to furnish six-digit HSN code on their tax invoices. The businesses with an annual turn over of less than five crores of rupees have to furnish four-digit HSN code. Previously, the requirement was four ..
Month: Current Affairs - April, 2021
Category: Economy & Banking Current Affairs
Topics: CBIC • exports • GST • HSN • imports • World Customs Organization (WCO)
What is HSN Code?
The Central Board of Indirect Taxes and Customs (CBIC) has made it mandatory to mention the 8 digit HSN code in tax invoices for 49 chemical-based products while issuing GST invoice. The move is expected to reduce tax evasion. HSN or Harmonized System of Nomenclature code is a system for classification of goods across the ..
Month: Current Affairs - December, 2020
Category: Economy & Banking Current Affairs
Topics: CBIC • Central Board of Indirect Taxes and Customs • Globally Harmonised System for classification and labelling • Goods and Services Tax (GST) • GST • HSN • World Customs Organization (WCO)