Clancy Hinshaw

HSN – Stands for Harmonised System Nomenclature. It was developed by World Customs Organization. It was developed with an objective to classify goods from all over the World in a systematic and an organised manner.

HSN is a 6 digit structure, comprising of more than 5000 commodity groups. It is arranged in a legal and logical structure and is supported by well-defined rules to achieve uniform classification.

The HSN system is used by more than 200 Countries and economies as a basis for their customs tariffs and for the collection of international trade statistics.However, the HSN code can be altered as required by each country using it to fit to their system of identification and taxation.

HSN code has been in use in India since 1986 in the Central Excise and Customs regime. Going forward this was used to calculate Value Added Tax and currently the Goods and Service Tax,which has subsumed many indirect taxes from the erstwhile VAT regime in India.

India follows a 8-digit HSN code structure. It is much mode detailed system of classification than the standard 6-digit structure defined by WCO. Overall there are 21 sections comprising 99 chapters divided into 1244 headings and 5224 sub-headings.

Eg. 284310 – 28 is the chapter, 43 is the heading, 10 is the product code. It is for Colloidal Precious Metals

Likewise, each product has a very detailed classification in the HSN code system.

Indian manufacturers under GST shall be required to follow a 3-tiered structure of HSN.

SAC – stands for Services Accounting Codes. Like the HSN code is for goods under the GST regime in India, SAC is used to classify services under the GST regime. It is a standard set of codes issued by the CBEC.

• Own and live in your home.
• Stay within the income threshold.
• Be a legal NJ resident for at least one year.

By this time a single top level rugby league team had emerged in the Penrith area and in 1964 they became known as the Penrith Panthers. The Panther had been chosen as the Penrith emblem after a public competition won by a graphic artist from Emu Plains named Deidre Copeland.