hsn code

Rate / HSN codes 344 views 12 replies
What will be the hsn code for medical store for registration??
Replies (12)

You can use any or all among '3003' &/or '3004' &/or '3005'

what is hsn code...
thank u..whether 9804 can also be used??

Yes......... thats available without prescripttions.....

9804 Other Drugs and medicines intended for personal use 12
Originally posted by : Navin Agarwal
what is hsn code...

 

HSN means Harmonized System Nomenclature.

In simple words.. some specific or UNIQUE number assigned to any item, goods, service......... that separates it from any other item/goods.........

For details read: Meaning-of-HSN-Code

is hsn code defined under any section of gst act 2017

No.

The Harmonized System is an international nomenclature for the classification of products. It allows participating countries to classify traded goods on a common basis for customs purposes. At the international level, the Harmonized System (HS) for classifying goods is a six-digit code system.  The Harmonized System was introduced in 1988 and has been adopted by most of the countries worldwide. The HS contributes to the harmonization of Customs and trade procedures, and the non-documentary trade data interchange in connection with such procedures, thus reducing the costs related to international trade.

The GST law has to be compatible with international standards. The concept of HSN codes was invented outside India and same is used by various member countries.

For more details refer: what-is-hsn-code-under-gst

hsn ia for goods and sac is for services??

Yes HSN codes are for goods........

While SAC (Service Accounting Code) are for services........

No....... It was already adopted by customs, ........... may be some collateral understanding between different countries, earlier.

My brother has a small business who deals in toilet cleaner, white phynile etc. He has registered business under Grih Udhyog. Now, he wanted to apply for GST No. due to challenges being faced during transportation of raw materials from other state. Could you please suggest under which category he can apply for GST no, as turnover is less than 20 lakh per annum? And, under which tax rate aforementioned products fall in?

Its not advisable to get registered only because of transportaton problem, as it is temporary....... due to some misunderstanding created. Main reason is its compliance of filing returns, maintaining records etc., which will enhance your overheads. For small businesses having TO less than 20 lakhs....... it will a major factor to stand in competitive market.

Still you may re-analyze after some time gap......... Mostly your products are at 28% except soaps at 18%.


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