![transportation hsn code](https://qwikfilings.com/wp-content/uploads/2023/12/transportation-hsn-code.webp)
transportation hsn code
Understanding Transportation HSN Code for GST in India
Introduction
The Harmonized System of Nomenclature (HSN) code is a six-digit identification code developed by the World Customs Organization (WCO) for systematic classification of goods all over the world. In India, the HSN code plays a crucial role in the Goods and Services Tax (GST) regime, classifying goods for taxation purposes to bring in uniformity and standardization. For transportation services, the HSN code helps in identifying the tax rates applicable to various types of transport-related activities.
HSN Code in Transportation
Transportation services encompass a broad range of activities, including the transport of goods and passengers via road, rail, air, and water. The HSN code for transportation varies based on the type of service provided. For instance, HSN codes are:
9965 for logistics and cargo handling services.
9966 for rental services of transport vehicles with or without operators.
9967 for supporting services in transport.
Significance of HSN Codes for Transportation Services
Tax Categorization: Helps determine the GST rates applicable to different transportation services.
Compliance: Ensures businesses are compliant with GST regulations by accurately invoicing and filing returns.
Streamlining Taxation: Facilitates the uniform application of tax rates across India for all transportation services.
GST Rates on Transportation Services
GST rates on transportation services are determined based on the HSN code. They can range from 5% to 18%, or in some cases, transportation services may be exempt from GST. For example, transportation of goods by road is typically exempt from GST, but when availed from a transporter, a 5% GST may be applicable.
Applicability of HSN Code
Businesses with an annual turnover of less than Rs. 1.5 crores are not required to mention the HSN code in their invoices.
Businesses with turnover between Rs. 1.5 crores and Rs. 5 crores use a 2-digit HSN code.
Businesses with turnover exceeding Rs. 5 crores use a 4-digit HSN code.
Conclusion
The HSN code serves as an essential tool in the GST framework for categorizing transportation services. It simplifies the tax determination process, enables businesses to comply with tax regulations, and ensures uniformity in the classification of transportation services across the nation. Businesses engaged in the transportation sector must understand and use the correct HSN codes to avoid discrepancies in tax filings and ensure smooth business operations.,
transportation-hsn-code
For more information and knowledge, read our article:
https://qwikfilings.com/file-gst-return/
https://qwikfilings.com/gst-registration/
gstlogin, gst login, gst, gst registration, mahagst, gstin, gstgovin, gstsuvidhakendra, gst council, gstprime, gst no, gstindia, sgst,gst registration fees, gst bill, doc for gst registration, transportation hsn code, gst registration process, gst registration procedure, gst registration online, gst apply online, gst return due date,new gst registration, gst registration portal, new gst registration fees, gst gov in registration, gst chennai, gst filing last date,gstr 1, gstr 3b, gst filing, gstr 9,
transportation-hsn-code
More information and to apply for this service, please visit our partner page:
https://financebaazar.com/gst-registration/
https://qwikfilings.com/gst-registration/
https://financebaazar.com/gst-registration/
https://companybazaar.com/gst-registration/
This article is only published for informational purposes. Please consult your Chartered Accountant or Financial Advisor before making any important financial decisions.
transportation hsn code
QwikFilings.com is a reputed online portal for Indian SMEs to register, grow and manage their business ventures in India. We are a group of professionals working for startups. QwikFilings.com has been founded by expert Chartered Accountants and Advocates who have a rich experience of working with startups. QwikFilings.com provides all kinds of legal & professional services such as company registration, LLP registration, trademark search and trademark registration, copyright registration, patent application, income tax return ITR filing, GST Registration and GST Filing, ISO, FSSAI, IEC and many more services. Qwikfilings.com is registered with Startup India, DPIIT Certificate of Recognition. Please visit our website to learn more www.qwikfilings.com