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MOTOR VEHICLES FOR THE TRANSPORT OF TEN OR MORE PERSONS, INCLUDING THE DRIVER - HSN/SAC 8702

Here is the description of the HSN Code 8702.

HSN / SAC Code
8702
Description
MOTOR VEHICLES FOR THE TRANSPORT OF TEN OR MORE PERSONS, INCLUDING THE DRIVER

Definition

What is HSN Code?

HSN stands for "Harmonized System of Nomenclature". The HSN code is a system of classification used to classify goods and products for taxation and trade purposes.

It is a six-digit standardized code that is used to classify goods and products for taxation purposes. The HSN code was introduced by the World Customs Organization (WCO) in 1988, and it has been adopted by more than 200 countries, including India. In India, the HSN code is used for the classification of goods under the Goods and Services Tax (GST) regime. The HSN code is used to identify the goods and products for the purpose of taxation, and it helps in the uniform classification of goods across the country. The HSN code is based on a hierarchical system, where each digit in the code represents a different level of classification. The first two digits of the HSN code represent the chapter, the next two digits represent the heading, and the last two digits represent the sub-heading. Using the HSN code helps in the proper classification of goods and products for taxation purposes, and it also facilitates trade between countries by ensuring that goods are classified in a uniform manner. The HSN Code is a six-digit code that is divided into different levels of classification. Here's a breakdown of the HSN Code based on its numbers:

  • First two digits: Chapter - The first two digits of the HSN code represent the chapter. There are 99 chapters in the HSN Code, which are broadly classified into 21 sections based on the nature of the goods.
  • Next two digits: Heading - The next two digits represent the heading. There are 1,244 headings in the HSN Code, which further classify the goods within each chapter.
  • Last two digits: Sub-heading - The last two digits represent the sub-heading. There are more than 5,000 sub-headings in the HSN Code, which provide a more specific classification of the goods.

For example, let's take the HSN Code for "Coffee" - 0901. The first two digits "09" represent the Chapter "Coffee, tea, mate and spices", the next two digits "01" represent the Heading "Coffee", and the last two digits "00" represent the Sub-heading "Coffee, not roasted; not decaffeinated".

So, the complete HSN Code for "Coffee" is 0901 00. This helps in the proper classification of goods for taxation purposes and facilitates trade between countries by ensuring that goods are classified in a uniform manner.

Disclaimer: The rates provided above are accurate as per the GST (Rate) notification no. 05/2020 dated 16th October 2020, based on the information available to us. The HSN code information has been sourced from the master codes published on the NIC's GST e-Invoice system. However, please note that there might be variations in the rates due to updates made by the government. It is important to mention that we, Swipe, are not liable for any incorrect information. If you require details about the "Effective Date" for each GST or cess rate, we recommend visiting the CBIC website. For comprehensive GST and billing solutions, we suggest using Swipe, India's most trusted billing and GST solution.