What is HSN code in SAP CA-GTF-CSC - Country-Specific Objects?

SAP Term: HSN code

• Component: CA-GTF-CSC

• Component Name: Country-Specific Objects

• Description: A product coding system, used under Excise and Customs in India, to determine the correct applicable tax rate including exemptions, if anyfor goods under the Goods and Services Tax regime. HSN stands for Harmonized System Nomenclature.

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  Key Concepts: 
  HSN code stands for Harmonized System Nomenclature code. It is a standardized international system of naming, classifying, and identifying goods used in international trade. It is used by customs authorities around the world to identify the goods being imported or exported and to determine the applicable customs duties.
  
  How to use it: 
  HSN codes are used in SAP systems to classify goods and services for tax purposes. The HSN code is used in the CA-GTF-CSC Country-Specific Objects component of SAP to identify goods and services for tax purposes in different countries. The HSN code is used to determine the applicable taxes for a particular item or service.
  
  Tips & Tricks: 
  When entering HSN codes into SAP, it is important to ensure that the correct code is entered for the item or service being classified. This will ensure that the correct taxes are applied and that any discrepancies can be easily identified and rectified.
  
  Related Information: 
  The World Customs Organization (WCO) maintains a database of HSN codes which can be accessed online. This database can be used to look up the correct HSN code for a particular item or service. Additionally, many countries have their own national versions of the HSN code which may be used in place of the WCO version.