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What is HSN Code? The Harmonized Commodity Description and Coding System generally refers to “Harmonized System of Nomenclature” or simply “HSN”. It is a multipurpose international product nomenclature developed by the World Customs Organization (WCO). It first came into effect in 1988. How does HSN code work?It has about 5,000 commodity groups, each identified by a six-digit code, arranged in a legal and logical structure. It is supported by well-defined rules to achieve uniform classification.Why is HSN important?The main purpose of HSN is to classify goods from all over the World in a systematic and logical manner. This brings in a uniform classification of goods and facilitates international trade.HSN WorldwideThe HSN system is used by more than 200 countries and economies for reasons such as:Uniform classificationBase for their Customs tariffsCollection of international trade statisticsOver 98% of the merchandise in international trade is classified in terms of the HSN.Harmon...

What is a GST invoice and who should issue one? The GST system has replaced the invoices such as tax invoice, excise invoice and retail invoices with one general GST tax invoice that has to be issued for all sales of goods and services. As a GST registered dealer, you are obligated to provide invoices that are compliant with GST rules and regulations for all supply of goods and services. Mandatory fields of a GST Invoice From July 1st 2017, all tax invoices provided by GST registered suppliers need to contain the following fields: Name, address and GSTIN of supplier; Type of invoice - tax invoice, supplementary invoice or revised invoice; Invoice date, series and number (just as before, a numeric series specific for a financial year); Name, address and GSTIN (if registered) of invoice recipient; HSN or SAC code for goods or services provided; Description of goods or services provided; Quantity and units of provided goods or services; Total amount value...