What is HSN code for reimbursement of expenses?
HSN Code 3926
| HS Code | Description | GST% |
|---|---|---|
| 39269069 | OTHER HANGERS Products Include: Lingerie, Pu, Reimbursement, Reimbursement Of Expenses, Reimbursement Expenses, Reimbursement | 12% |
What is the difference between HSN and SAC code?
The basic difference between the HSN and SAC code is that HSN is used to identify the Goods and SAC codes are used to identify the services. Another contrast between the two is the number of digits present in the code, for instance, HSN number has 8 Digit codes while SAC number has 6 digit codes.
What is Saccode?
SAC Codes or Services Accounting Code is a system of classification developed by the service tax department in India for the classification of services. GST Council has decided to adopt the SAC code system for levy of GST in India. GST for service is levied in 5 slabs namely 0%, 5%, 12%, 18% and 28%.
What is the SAC code for service charge?
Services are classified as per the Services Accounting Code (SAC). The SAC is strictly numeric and is 6 digits….SAC Code 9954.
| First two digits | “99” | Common for all Services |
|---|---|---|
| Building completion Services | SAC Code 995478 – | Other building completion and finishing services n.e.c. |
Is reimbursement of expenses liable to GST?
As per the provision of GST law, value of supply of services includes ”reimbursement of expenses”. In other words, if any consideration is received as reimbursement from the customer, then GST liability would attract and to be charged on the invoice raised by the service provider.
Is reimbursement taxable under GST?
With regard to reimbursement of expenses incurred as a pure agent, Rule 33 of the CGST valuation rules provides that any expenditure incurred as a pure agent will be excluded from the value of supply, and hence, from the aggregate turnover as well.
Is SAC code mandatory for GST invoice?
SAC code is not mandatory if the companies turnover is less than Rs. 1.5 crores. SAC code is mandatory for the business turnover is between Rs. 5 Crs turnover of the dealer or company one must mention the SAC codes.
Which country has the second highest GST rate of 27?
Argentina
Argentina has the second-highest GST rate of 27%, whereas the rate stands at 20% in the UK, 20% in France and 7% in Singapore.
What is HSN and SAC under GST?
HSN means Harmonized System of Nomenclature code used for classifying the goods under the GST, Goods and Service Tax. The SAC code means Services Accounting Code under which services fall under GST are classified. HSN code and SAC code are the codes used to classify goods and services under GST regime in India.
Is GST charged on reimbursement of expenses Canada?
The reimbursement of the supplier’s out-of-pocket expenses by the client is not treated as additional consideration for the supplier’s services. As a result, the expense identified in the supplier’s invoice to the client would not be subject to the GST/HST.
Is GST TDS applicable on reimbursement of expenses?
No TDS is required to be deducted on reimbursement. Acting as a pure agent merely for reimbursement of expenses, your TDS shall not be deducted. Yes, you can pass on the GST benefit. Make sure you have an agreement for such transactions for the purpose of proofs.
Can GST be charged on reimbursement of expenses?
There are two types of expenses that may get reimbursed to the supplier under GST: This could be in the form of commission, packing, travelling expenses, etc., and form a part of the supply value. These expenses are usually incurred before or at the time of delivery of the goods or supply of the services.