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What is GST code, HSN code and SAC codes in India?

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What is GST code, HSN code and SAC codes in India?
posted Jul 6, 2017 by Tanmay

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GST code (GST identification number)
Every tax payer will be assigned a state-wise PAN based GST tax payer identification number (GSTIN) which will be 15 digit long.
The first two digits of GSTIN will represent the state code according to Indian Census of 2011. Each state has a unique two digit code The next 10 digit of GSTIN will be the pan number of the tax payer.

HSN codes for GST in India

All the states in the country have their own tax system for classifying the goods tax rate. But with GST regime there will be an uniformity all over the state which will harmonize the system of HSN for the goods and the service accounting code or SAC system for the services.

SAC code in GST (GST codes)

SAC and HSN are the similar codes under GST. In case of services, for each type of service provided is given an unified code for recognition, measurement and taxation. These are known as SAC codes. In the current service tax regime, SAC codes are already defined for each type of service.

answer Jul 7, 2017 by Chetan Hindu
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