HSN Code
Definition
Harmonized System of Nomenclature — a 4-8 digit code classifying goods for GST purposes. Required on GST invoices based on annual turnover. HelloBooks includes a searchable HSN code database.
Related Terms in India GST
SAC Code
Service Accounting Code — a 6-digit code classifying services under GST (similar to HSN for goods). Required on service invoices. Example: 998311 for management consulting.
TDS (Tax Deducted at Source)
Tax deducted by the payer at the time of payment to the government. Common TDS rates: 1% (purchase of goods above Rs. 50 lakh), 2% (contractors), 10% (professional services). HelloBooks tracks TDS on purchases and sales.
TCS (Tax Collected at Source)
Tax collected by the seller from the buyer at the time of sale. Applies to specific goods (scrap, minerals) and e-commerce operators. HelloBooks supports TCS calculation and reporting.
E-Invoice (India)
An electronic invoicing system where B2B invoices are registered on the GST Invoice Registration Portal (IRP). Each invoice gets an IRN (Invoice Reference Number) and signed QR code. Mandatory for businesses above Rs. 5 crore turnover.
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