1. HSN code stands for “Harmonized System of Nomenclature”. It is introduced for the systematic classification of goods all over the world. It is a 6-digit uniform code that classifies products worldwide. It was developed by the World Customs Organization (WCO) and it came into effect in 1988. Where seRead more

    HSN code stands for “Harmonized System of Nomenclature”. It is introduced for the systematic classification of goods all over the world. It is a 6-digit uniform code that classifies products worldwide. It was developed by the World Customs Organization (WCO) and it came into effect in 1988. Where section and chapter titles describe broad categories of goods, while headings and subheadings describe products in detail. The HSN system is used by more than 200 countries and economies for reasons as it helps in the uniform classification of products and provides a base for their customs tariff.

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  2. GST stands for Goods and Service Tax. Under the GST regime, for intrastate transactions, CGST (Central Tax) and SGST (State Tax) is charged. For interstate transactions, IGST (Integrated Tax)/ UTGST (Union Territory Tax) is charged.

    GST stands for Goods and Service Tax. Under the GST regime, for intrastate transactions, CGST (Central Tax) and SGST (State Tax) is charged. For interstate transactions, IGST (Integrated Tax)/ UTGST (Union Territory Tax) is charged.

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  3. Businesses making taxable supplies have to be registered under GST if their annual sales turnover has exceeded the prescribed threshold. Only a registered person can charge and collect GST on the taxable supplies of goods and services made by him. GST is charged on the value or selling price of theRead more

    Businesses making taxable supplies have to be registered under GST if their annual sales turnover has exceeded the prescribed threshold. Only a registered person can charge and collect GST on the taxable supplies of goods and services made by him. GST is charged on the value or selling price of the products. The amount of GST incurred on input (input tax) can be deducted from the amount of GST charged (output tax) by the registered person.

    If the amount of output tax is more than the input tax in the relevant taxable period, the difference shall be remitted to the Government. However, if the input tax is more than the output tax, the difference will be refunded by the Government.

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  4. GST - Goods and Service Tax is a single indirect tax for the entire country. It has subsumed different indirect taxes (VAT, Service Tax, etc.) GST is levied at every point of sale. For intrastate transactions, CGST and SGST are charged, and for interstate transactions, IGST/UTGST is charged. GST ratRead more

    GST – Goods and Service Tax is a single indirect tax for the entire country. It has subsumed different indirect taxes (VAT, Service Tax, etc.) GST is levied at every point of sale. For intrastate transactions, CGST and SGST are charged, and for interstate transactions, IGST/UTGST is charged. GST rates are divided into four slabs: 5%, 12%, 18%, and 28%. For example, the rate of GST for Walnuts, whether or not shelled is 5%.
    You can search GST rates here – https://www.mastersindia.co/gst/hsn-code-search/

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  5. GST stands for Goods and Service Tax. It is a new tax regime that is 3 years old (introduced in 2017). The idea of introducing GST was to combine different indirect taxes into one (VAT, Service Tax, etc.). Hence the slogan - One Nation, one tax. GST is levied on the supply of goods/services. It is aRead more

    GST stands for Goods and Service Tax. It is a new tax regime that is 3 years old (introduced in 2017). The idea of introducing GST was to combine different indirect taxes into one (VAT, Service Tax, etc.). Hence the slogan – One Nation, one tax. GST is levied on the supply of goods/services. It is a destination-based tax that is levied on every value addition.

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