What is HSN code, and how is it used under GST? HSN Code (Harmonized System of Nomenclature) is an internationally standardized system of names and numbers used to classify traded products. It is used for the identification of goods and services under the Goods and Services Tax (GST) system in India, and it helps in […]
What is a SAC code in GST? What is a SAC Code in GST? SAC Code (Services Accounting Code) is a systematic numerical code used for the classification of services under the Goods and Services Tax (GST) regime in India. Just like the HSN Code (Harmonized System of Nomenclature) is used to classify goods, the
How are real estate transactions affected by GST? Real estate transactions in India have undergone significant transformation with the introduction of the Goods and Services Tax (GST). GST has replaced multiple indirect taxes such as VAT, service tax, and excise duty, creating a unified taxation structure. Its application to real estate is governed by provisions
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Who is required to register under GST? The Goods and Services Tax (GST) has streamlined the taxation system for the food and hospitality sector by replacing multiple indirect taxes like VAT, service tax, and luxury tax. Its implementation has introduced transparency and uniformity, but it also presents unique challenges for businesses in this sector. Constitutional
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