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If a company has turnover more than ₹ 15 million (US$180,000) but up to ₹ 50 million (US$590,000), then it needs to mention the first two digits of HSN code while supplying goods on invoices. If turnover crosses ₹ 50 million (US$590,000) then it needs to mention the first 4 digits of HSN code on invoices.
The process of assigning HS codes is known as "HS Classification". All products can be classified in the HS by using the General Rules for the Interpretation of the Harmonized System ("GRI") that must be applied in strict order. HS codes can be determined by a variety of factors including a product's composition, its form and its function.
There are 6 General Rules in all, which must be applied in consecutive order. GRI 1 prescribes how to classify products at the 4-digit Heading level, based on the wording of the headings and the relative HS Section and Chapter Notes. GRI 2 prescribes how to classify both incomplete and unassembled goods, and mixtures and combinations of goods.
Liberty Interactive, the owner of home shopping company QVC, announced this morning that it's acquiring HSN in an all-stock deal valued at $2.1 billion. Liberty already owned 38 percent of HSN ...
Classification and restrictions, to some extent, has a bad effect on free trading and growing of business. Risk of loss caused by difference in classification — Firstly, the proper classification of your item is essential to determine any licensing requirements under the Export Administration Regulations (EAR), EU Dual Use Regulation 428/2009.
0% (free zone companies, [230] as well as mainland companies with less than 375,000 AED a year in profit, [231] may need to fill out a tax return) 9% (for mainland companies with a net profit over AED 375,000 annually, taxation paid to other countries credited towards UAE taxation, tax return required) [231] 0% [232] 5% [232] 0% [233]
The most shocking item on the list was toys, which would be impacted with a 55.8% price hike, costing shoppers $8.8 billion to $14.2 billion more in costs, all because the tariffs “would be too ...
The Tamil Nadu Government Business Rules and Secretariat Instructions, 1978 ... (as per Tamil Nadu Fisheries University Act, 2012) ... (Turnover and Assessment) Rules ...