All goods are classified on the basis of the HSN i.e. Harmonized System of Nomenclature. HSN is an internationally accepted product coding system, developed by the World Customs Organization (WCO). India is a member of WCO and the HSN has been used in the country for classification of goods under Customs and Central Excise since 1985. The coding system under HSN would continue under GST.
The tax payers have to identify the appropriate classification under the HSN and discharge taxes in accordance with the GST Schedule.
The services will need to be identified on the basis of the service tariff code. The council has also announced the list of services which shall be covered under a reverse charge
In the 14th meeting of the GST council, held on 18th and 19th May 2017, the Government has announced the following :
a) GST rate schedule for goods (along with HSN Code) – Kindly click here to view the fitment of various goods between 0, 5, 12, 18 or 28 percent.
b) GST Compensation cess rate schedule for certain goods (along with HSN Code) – Kindly click here to view the rates of cess.
c) Classification scheme for services under GST – Kindly click here to view the service tariff code along with the description of the service.
d) Schedule of GST Rates for services – – Kindly click here to view the fitment of various services between 0, 5, 12, 18 or 28 percent.
e) List of services subject to reverse charge along with the percentage to be paid by the service provider and the service recipient. Kindly click here to see the schedule.
In the 15th meeting of the GST council, held on June 3rd 2017, the Government made the following announcements:
- Addendum to the GST Rate schedule (released on May 18th-19th 2017). Kindly click here to view.
- GST rate schedule for goods (along with HSN Code) : Kindly click here to see the fitment of rates in 0, 0.25, 3, 5, 12, 18 & 28 percent.
All the above announcements are subject to further vetting due to which the lists may undergo a change.
|Harmonized system (HS) of tariff nomenclature is an internationally standardized system of names and numbers to classify traded products.
You will be amazed to see the List of services classified by The United Nations Standard Products and Services Code.