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Rate of GST ,SAC & HSN Code

HSN Code List & GST Rate Finder

GST Rate

The GST is imposed at variable gst rates on variable items. The GST rate is 2% for soaps and 28% on washing detergents. GST on movie tickets is based on slabs, with 18% GST for tickets that cost less than Rs. 100 and 28% GST on tickets costing more than Rs.100 and 5% on readymade clothes.The rate on under-construction property booking is 12%.Some industries and products were exempted by the government and remain untaxed under GST, such as dairy products, products of milling industries, fresh vegetables & fruits, meat products, and other groceries and necessities. Checkposts across the country were abolished ensuring free and fast movement of goods. The Central Government had proposed to insulate the revenues of the States from the impact of GST, with the expectation that in due course, GST will be levied on petroleum and petroleum products. The central government had assured states of compensation for any revenue loss incurred by them from the date of GST for a period of five years. However, no concrete laws have yet been made to support such action. GST council adopted concept paper discouraging tinkering with rates.

SAC Code

SAC code is Services Accounting Code.SAC Code in gst or Services Accounting Code is a classification system for services developed by the Service Tax Department of India. Using SAC code , the GST rates for services are fixed in five slabs namely 0%, 5%, 12%, 18% and 28%. If a service is not exempted from GST or if the GST rates are not provided, then the default GST rate for services of 18% would be applicable.

HSN Code

HSN (Harmonized System of Nomenclature) code is an 8-digit code for identifying the applicable rate of GST on different products as per CGST rules. If a company has turnover up to RS. 1.5 Crore in preceding financial year then they need not to mention HSN code while supplying goods on invoices, if a company has turnover more than 1.5 Cr but up to 5 Cr then they need to mention 2 digit HSN code under gst is while supplying goods on invoices and if turnover cross 5 Cr then they shall mention 4 digit HSN code on invoices.