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GST Rate Finder

FAQ

Why do I need a GST Rate Finder?

Indian Taxation System has categorized over 1211 goods for levy of GST under 6 broad categories or tax-slabs. These are 0% or No Tax, 5%, 12%, 18% and 28%. It is very important to know in which of these categories your product or good has been classified. You can easily find that with a search using commonly used word for the product. This Rate Finder Tool can be used to find the HSN Code for the goods or products for invoicing purposes.

What is HSN Code in GST?

Harmonized System of Nomenclature or HSN, is a 6-digit uniform code allotted to over 5000 goods and is universally accepted. Conceived and developed by World Customs Organization (WCO) in order to classify goods from all over the world in a systematic way. Adopted in over 200 countries, it covers around 98% of all goods produced and traded in, under its ambit.

How do I interpret the HSN Code for a good/product?

Going through the universal HSN Code list, it is clear that every good is assigned with a 6-digit code which is unique in nature. In India, there are 2 more digits added to these 6 for further classification.

Let’s understand the HSN Code meaning through an example. Overall there are 21 sections comprising 99 chapters divided into 1244 headings and 5224 sub-headings. 09024020 is the code for Black Tea sold as leaf in bulk, where 09 is the Chapter, 02 is the heading and 40 is the product code for Black Tea. The last 2 digits of 20 is code allotted by Indian taxation system for Black Tea sold in leaf form and in bulk. Had it been Black Tea bags then the last two digits of the HSN code would have been replaced with 40 instead of 20.

What is SAC Code?

The SAC Code meaning can be easily understood in the light of HSN Code which is a classification rule for goods. SAC code list classifies the services which come under the ambit of GST rate list.

What is the relation of HSN Code with GST Rate?

For an accurate levy of GST rates prevalent in India, correct HSN or SAC code is necessary during Return filing. This would ensure seamless compliance of GST rules. Taxmann’s One Solution offers hassle-free experience where all you have to do is to choose the correct HSN/SAC Code for goods or services, while migrating to GST software. Subsequently these details would be auto-populated wherever deemed necessary.

Is HSN Code mandatory for me?

Businesses dealing with import/export of good are mandatory to use the 8-digit HSN Code. Those Indian manufacturers who have an annual turnover of less than INR 1.5 crores, they are exempt from mandatorily using the HSN Codes for their goods. Apart from them, dealers registered under Composition Scheme of GST are also exempted from using HSN Codes.

What information do I get on searching for particulars about a Good?

As you feed the search keyword, you would be shown a detailed search result reflecting the Description of Goods with their respective HSN Codes and rate of CGST, SGST and IGST levied on them.

I am not sure about the Search Keyword about a particular item of Goods and I don’t have the HSN Code either. How do I search for details?

Below the Search Bar, there is a broad category list about all the goods covered under GST Laws. Select one of those and you would be directed to the broad Chapters covering the points. Once there, you can use the Ctrl+F functionality to search for the relevant term.

I have the product HSN or SAC Code and GST rate with me. Now, what next?

Once you gather all these necessary information, you can move ahead for generation of invoices as per GST format. You can avail the end-to-end GSP services through One Solution, integrated GST Compliance Software which allows you to generate invoices as we all file the Returns with GSTN server.

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