Goods and Services Tax is considered to as a big reform in the sector of taxation available in India. It helped in the process of bringing uniformity in the taxation process for various services and commodities that are being used in India. It has also made a large contribution in eliminating the increasing effects of various taxes that are levied by the government. The GST Council decides the GST rate slabs and also revises them on goods and services regularly. GST Rates in India for different services and goods are lower for essential items and higher for luxurious items. They are divided into four groups like 5%, 12%, 18%, and 28% of GST. A four-tier structure of tax has been set by the council.
GST rate with HSN Code on all goods and services is much prevalent in India. This GST applies to the SAC code as well where the goods are classified under GST and services under SAC. Five main slabs are kept fixed in India which include 5%, 12%, 18%, 28%, and NIL. While other countries were utilizing the HSN codes for trade purposes, but in India, the introduction of GST has created a global platform where imports and exports and HSN codes are kept standardized to be accepted meticulously. The utilization of HSN codes will reduce the cost and also simplify the procedure of customs. The taxpayers get immense help from these HSN codes where they get enough information about the rates of GST against any particular item as it has become mandatory to include the HSN codes when a product is being filled in the GSTR forms.
Services Accounting Code (SAC) in GST classifies goods and services uniformly for measurement, recognition, and taxation. Codes that are entirely for services are referred to as SAC. Mainly the SAC codes are prescribed for services while filling up the GST returns. Different tools of SAC Code finder can be utilized wherein a user needs to visit the site and then search for the services with the suitable keyword. The finder then provides a list of goods and services that are related to the keyword entered. One can also choose the code number of SAC to find the required item.
SEAIR EXIM Solutions is a trusted Exim data providing company. It provides global trade data of 80+ countries in the world. Or major services are export import data, Indian Import Data, Export data India, HSN code , HS code finder, GST rates and so on.
Comments