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Glossary / Also known as

HSN

Another name for HSN Code (Harmonized System of Nomenclature).

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GST basics HSN Code (Harmonized System of Nomenclature) An internationally standardized numerical code used to classify goods for taxation and trade purposes under India's GST system. Also called HSN, harmonised system code, HS code GST basics GST (Goods and Services Tax) India's unified indirect tax that replaced multiple central and state levies, creating a single national market for goods and services. Also called Goods & Services Tax GST basics SAC Code (Service Accounting Code) A classification system used under GST to categorize and identify different types of services for taxation purposes. Also called SAC, services accounting code E-invoicing E-Invoice A GST invoice authenticated in real time by the Invoice Registration Portal and assigned a unique Invoice Reference Number (IRN) and QR code. Also called electronic invoice, e-invoicing, GST e-invoice GST basics Anti-Profiteering Anti-profiteering under GST requires businesses to pass on the benefit of tax rate reductions or increased ITC to consumers through proportionate price reductions. Also called anti-profiteering provisions, section 171 of the CGST Act Trade and foreign exchange Central Excise A tax on the manufacture of goods within India, levied by the central government and largely subsumed by GST in 2017. Also called central excise duty
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GST E-Invoice Applicability and Turnover Limit under GST E-invoicing applies to every GST-registered business whose PAN-level aggregate turnover crossed ₹5 crore in any year since 2017-18. OneFinOps Editorial 3 min GST What is E-Invoicing in GST? IRN, Process and Rules E-invoicing in GST means reporting each B2B invoice to a government Invoice Registration Portal, which validates it and returns an IRN and a signed QR code. OneFinOps Editorial 3 min GST What is Input Tax Credit in GST? Conditions, Example and Rules Input tax credit is the GST paid on business purchases that you deduct from the GST you owe on sales, if the section 16 conditions are met. OneFinOps Editorial 3 min
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