About Lesson
HSN stands for Harmonized System of Nomenclature or HCS stands for Hormanized Commodity Description and coding System) developed by WCO (World Customs Organisation) for classifying Goods from all over the world in a systematic and logical manner.
it is a six digit uniform code that classifies more than 5000 products and is accepted worldwide.
Under GST, dealers adopt 2, 4 or 8 digits HSN codes depending on their turnover in the previous year.
Dealers with turnover of less than 1.5 crores will not required to adopt HSN codes
Dealers with Turnover between 1.5 cr and 5 crores require 2 digit HSN code
Turnover equal to 5 cr or above –4 digit HSN
import/Export –8 digit HSN