Question

What is the primary difference between HSN and SAC codes in the GST framework?

Q: Answer-What is the primary difference between HSN and SAC codes in the GST framework?

HSN Harmonized System of Nomenclature is the coding system for physical goods, whereas SAC Services Accounting Code is the specific system used to classify services.

A HSN is for international trade, while SAC is for domestic trade.

B HSN classifies physical products, while SAC classifies services.

C HSN is always 8 digits, while SAC is always 2 digits.

D HSN is for B2B invoices, while SAC is only for B2C invoices.

E HSN is used by regular taxpayers, while SAC is used by composition dealers.

Practice Next

More Financial Management Questions

Which of the following principle of HRD, the top management defining the distribution of authorities and responsibilities to the subordinates so that a coh...
According to the Union Budget 2023-24, consider the following statements. 1. The Prime Minister has given a vision for “LiFE”, or Lifestyle for Environmen...
Which of the following statements about mutual funds is/are correct? 1)Mutual funds are a type of investment where investors pool their money together to i...
According to the Union Budget 2023-24, consider the following statements. 1. Government has recently launched the Aspirational Blocks Programme covering 5...
Which of the following is not one of the components of PMAY-Urban?
The Nationalization of Banks in India took place in which year? 1) 1969 2) 1980 3) 2021
Credit Information Bureau (India) Limited CIBIL is India’s credit information bureau which provides consumers credit scores to a closed user group of membe...
According to the Union Budget 2023-24, consider the following statements. 1. During the Covid-19 pandemic with the PMGKY scheme, the government supplied f...
Which of the following statement is incorrect with regard to Resident SB a/c opened jointly with NRI close relative? A.Cheques favouring the NRI close rela...
Consider the following statements. 1)The Vidyanjali program initiated by the Government aims to provide scholarships to underprivileged students. 2)Vidya...

Relevant for Exams:

IIFCL Grade A/B

Hey! Ask a query

What is the primary difference between HSN and SAC codes in the GST framework?

Detailed Solution

More Financial Management Questions

Relevant for Exams:

Hey! Ask a query

Please Register/Login