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HSN Code Now Mandatory

Harmonized System of Nomenclature Code:

It has been made mandatory for a GST taxpayer having a turnover of more than Rs 5 crore in the preceding financial year, to furnish 6 digits HSN Code (Harmonized System of Nomenclature Code). This comes into effect from April 1.

Harmonised System, or simply ‘HS’:

  • It is a six-digit identification code. Of the six digits, the first two denote the HS Chapter, the next two give the HS heading, and the last two give the HS subheading.
  • Developed by the World Customs Organization (WCO).
  • Called the “universal economic language” for goods.
  • It is a multipurpose international product nomenclature.
  • The system currently comprises around 5,000 commodity groups.

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