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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.
HSN code of 4 digits for goods: Though internationally HSN code is of 6-8 digits but in our context HSN code of 4 digits will be mandatory initially for taxpayers having turnover more than 5 crore. Turnover will be taken on self declaration basis for IST year and afterwards turnover of previous year shall be used.