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The purpose of HSN codes is to make GST systematic and globally accepted. The Harmonized system of Nomenclature (HSN) code is used for classifying goods under the Goods and Services Tax (GST) in India. The HSN code is a six-digit code that uniquely identifies a product.
It is part of the ISO 3166-2, which defines codes for the names of the principal subdivisions (provinces or states) of all countries coded in ISO 3166-1. ISO 3166-2 codes are defined for 28 states and 8 union territories of India.
Map of the world showing national-level sales tax / VAT rates as of October 2019. A comparison of tax rates by countries is difficult and somewhat subjective, as tax laws in most countries are extremely complex and the tax burden falls differently on different groups in each country and sub-national unit.
From 1 May 2018 onwards Ministry of Finance of Government of India started releasing monthly GST revenue collection data via official press release through Press Information Bureau. And to further improve transparency Government of India started issuing state-wise monthly collection data from 1 January 2020. [1]
The GST replaced existing multiple taxes levied by the central and state governments. It an indirect tax (or consumption tax ) used on the supply of goods and services. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes.
States Andhra Pradesh = AP Arunachal Pradesh = AR Assam = AS Bihar = BR Chhattisgarh = CG Goa = GA Gujarat = GJ Haryana = HR Himachal Pradesh = HP Jharkhand = JH Karnataka = KA Kerala = KL Madhya Pradesh = MP Maharashtra = MH Manipur = MN Meghalaya = ML Mizoram = MZ Nagaland = NL Odisha = OD Punjab, Punjab (India) = PB Rajasthan = RJ Sikkim = SK
It oversees the administration of indirect taxes, including customs duties, excise duties, and the Goods and Services Tax (GST). CBIC's function also extends to prevention of smuggling, illicit financial activities , and regulation and control of narcotics through its attached/subordinate offices.
The nature of the service underwent a transformational change with the enactment of the One Hundred and First Amendment of the Constitution of India, which overhauled the administration of indirect taxation in India with the introduction of the Goods and Services Tax (GST).