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GST has brought in ‘one nation one tax’ system, but its effect on various industries is slightly different. The first level of differentiation will come in depending on whether the industry deals with manufacturing, distributing and retailing or is providing a service. Impact of GST on Manufacturers, Distributor, and Retailers GST is a boost competitiveness and performance in India’s manufacturing sector. Declining exports and high infrastructure spending are just some of the concerns of this sector. Multiple indirect taxes had also increased the administrative costs for manufacturers and distributors and with GST in place, the compliance burden has eased and this sector will grow more strongly.But due to GST business which was not under the tax bracket previously will now have to register. This will lead to lesser tax evasion.Impact of GST on Service ProvidersAs of March 2014, there were 12, 76,861 service tax assessees in the country out of which only the top 50 paid more than 50...

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...