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Turnover based HSN code mechanism introduced under GST HSN (Harmonised System of Nomenclature) is an internationally accepted product coding system formulated under General Agreement on Tariffs and Trade (GATT). In India, currently, adapted HSN coding is currently used under Excise and Customs for classification of products.
In return form rate of tax shall be auto populated based on the HSN codes used in furnishing invoice level purchase or sale information. After completing first year under GST the turnover for previous year will be considered as yardstick for using HSN codes of 4 digits. The use of HSN codes below its standards is to make GST systematic and globally accepted. HSN code of 2 digits for goods: