After the GST roll-out, there are several things that every citizen of India needs to understand irrespective of the occupation they conduct. It is because in one way or the other everyone is going to get affected by the new taxation regime as the end-consumer. GST has changed the way the businesses were done before and that’s the reason people should be aware of the new taxation regime. Although with the help of various GSPs and ASPs the Government of India has designed various GST software that simplifies the registration process, contains the HSN and SAC code finder to know the product-related information and so on. This post, discusses about the need of HSN and SAC code finder for the businesses after the GST roll-out. Take a look.
Understanding HSN & SAC Code
The GST rate list of all the goods and services is categorized according to the HSN and SAC codes. HSN code stands for Harmonized System of Nomenclature. It is a six-digit uniform code used for the goods supplied all around the world. This code is universally accepted and is allocated to all the goods supplied in the world. If we talk about SAC code, it stands for Services Accounting Code which is an eight digit code used universally for services. Each digit has its own meaning to further classify the services for greater ease of usage.
Role of GST Rate Finder Tool for Goods & Services
To make the business more GST compliant and convenient for the traders and business owners, the HSN and SAC codes have been developed under the GST regime. These codes help the business owners, companies and small enterprises to determine the GST rates on particular goods and services. HSN and SAC code finder apps and tools are made to simplify the process of businesses who are dealing with the supplies of goods and services. The government portals or the responsible GSTN ensures that the rates are updated on a real-time basis to provide the accurate information to the suppliers.
How to use HSN/SAC Code Finder Tool
Using a HSN and SAC code finder tool is not only easy but it is more convenient and faster. All you need to do is registered in any GST related website so that you get access to the code finder application or tool. Write the name of the product or services and the additional asked questions in the search tab and get the code. You’ll get the list of the goods and services so that you can choose the one according to the requirement and know its code.
Before registering in any website, make sure they offer you a SAC and HSN code finder app to rectify all your GST related concerns. Also, keep in mind to invest in an application which is worth buying and fulfils your motive.