PHONE : + 91 984 572 1255

PHONE : + 91 984 572 1255

EMAIL : contact@balakrishnaandco.com

EMAIL : contact@balakrishnaandco.com

Goods and Service Tax




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Classification of goods under the GST regime

 

By now, all of us are aware that GST will have different tax rates levied on goods ranging from 5% to 28%, depending upon the classification of goods. So, the question is how would one identify the category of goods under the new regime?!

All goods are classified on the basis of the HSN i.e. Harmonized System of Nomenclature. HSN is an internationally accepted product coding system, developed by the World Customs Organization (WCO). India is a member of WCO and the HSN has been used in the country for classification of goods under Customs and Central Excise since 1985. The coding system under HSN would continue under GST.

The assessees have to identify the appropriate classification under the HSN and discharge taxes in accordance with the GST Schedule.


Contact Us at:

Balakrishna & Co, Chartered Accountants in Bangalore

No. 24, 10th Cross, Wilson Garden, Bangalore 560027

Contact No:

+91 98457 21255

+91 94480 80886

Email: contact@balakrishnaandco.com

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