Know about HSN and SAC

What is HSN code?

The Harmonized System of Nomenclature (HSN) is an internationally accepted method of naming, classifying and identifying products; each identified by a 2-4-digit code (depending on your aggregate turnover – below 1.5 crores No HSN, 1.5-5 crores (2 digits) or more than 5 crores (4 digit), arranged in a legal and logical structure and governed by specific rules.

What is SAC?

The SAC or the Services Accounting Code is a method of nomenclature that will be used to identify, classify and define services under the GST. They have already been defined under the service tax law and is expected to remain the same for the most part.

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