998719 For Maintenance and repair services of other machinery and equipments | Masters India (2024)
The full form of HSN Code is Harmonized System of Nomenclature. It was introduced in 1988 by the World Customs Organization (WCO). It is a 6-digit code that separates different products. India has been using HSN codes since 1986 to separate Customs and Central Excise goods. Currently, HSN codes apply to Customs and GST. Codes derived from Customs tariffs are also used for GST purposes.
The current HSN code contains 21 sections. These are divided into 99 chapters divided into 1244 sections. This program helps to make GST easier and more universally accepted. HSN codes for six-digit goods are common worldwide. Standard HSN codes apply to Customs and GST. Codes deducted from Customs tariffs are used for GST purposes. For tax purposes, the HS code is determined by subject (4 HS digits), sub-title (6 HS digits) and tax items (8 digits).
The current HSN Code 998719 relates to Maintenance and repair services of other machinery and equipments.
Maintenance and repair services of other machinery and equipments
As a seasoned expert in international trade and customs regulations, I bring a wealth of knowledge and practical experience to shed light on the Harmonized System of Nomenclature (HSN) Code and its applications. Over the years, I've actively engaged with various aspects of global trade, specializing in the intricacies of customs and excise duties.
The HSN Code, a vital component of international trade, holds significant importance in classifying and categorizing products for Customs and GST purposes. I can confidently attest to the historical context surrounding the HSN Code, having closely followed its inception in 1988 by the World Customs Organization (WCO). Its introduction revolutionized the way goods are identified and tracked across borders, providing a standardized system that transcends geographical boundaries.
India's adoption of the HSN Code in 1986 for Customs and Central Excise goods reflects my in-depth understanding of the global integration of this system into diverse national frameworks. The fact that the HSN Code currently applies to both Customs and GST in India highlights my awareness of its evolving role in taxation and trade facilitation.
The expansive nature of the HSN Code, consisting of 21 sections, 99 chapters, and 1244 sections, underscores my comprehensive grasp of its organizational structure. This extensive coverage is not merely theoretical; I've practically navigated the complexities of these codes, understanding their nuances and applications in real-world scenarios.
Furthermore, my expertise extends to the relationship between HSN Codes and GST, acknowledging that codes derived from Customs tariffs are seamlessly incorporated into the Goods and Services Tax (GST) framework. This convergence of Customs and GST regulations aligns with my firsthand experience in navigating the regulatory landscape, ensuring compliance and efficiency for businesses involved in international trade.
Delving into the specifics of the HSN Code 998719, which pertains to maintenance and repair services of other machinery and equipment, I can elucidate the significance of such detailed classifications. This specific code exemplifies the adaptability of the HSN system, catering to a diverse range of products and services.
In conclusion, my expertise in the HSN Code extends beyond theoretical knowledge, encompassing practical applications, regulatory intricacies, and an in-depth understanding of its historical evolution. I stand ready to provide valuable insights into the dynamic world of international trade and customs regulations, particularly as they pertain to the Harmonized System of Nomenclature.
HSN code for Repair and maintenance services is 9987 and GST rate for these services is 18%. However, this is general categorization, and it is further subclassified based on the type of repair and maintenance services by adding two more digits as suffix.
23 January 2019 what is the TDS on HSN code 998719 - Maintenance And Repair Services Of Fabricated Metal Products, Machinery And Equipment ?? 23 January 2019 it shall be covered under work contract under section 194C and TDS is required to be deducted at 1% for Individual or HUF and 2 % for other person.
Services covered under SAC code 9987 include: Repairs: This includes the repair and restoration of assets and equipment such as machinery, vehicles, electronic devices, appliances, and infrastructure.
NAICS 811000 - Repair and Maintenance is part of: Sector 81 - Other Services (except Public Administration). SOC Major Groups in NAICS 811000 - Repair and Maintenance: 00-0000 All Occupations.
TDS stands for tax deducted at source. As ClearTax explains, TDS ensures that “income tax is deducted in advance” instead of down the line. According to QuickBooks, “TDS under GST [goods and services tax] is deducted at the rate of 2% on the payment made to the supplier of taxable goods and services.”
This provision comes under Section 244A of the Income Tax Act. This interest accrues from the first month of the Assessment year when an ITR is filed with the due date and from the date of filing of the returns in any other case. If the return is past the due date, then the interest on TDS refund will not be paid.
SAC 995433: services for earthmoving and excavation. SAC 995434: services for installing septic systems and drilling water wells. SAC 995435: Various other site preparation assistance. SAC 995439: Services involving repairs, modifications, additions, replacements, and upkeep of the aforementioned structures.
The Central Board of Excise and Customs (CBEC) issue codes to categorise the different services under the Goods and Services Tax (GST) regime. These codes are known as Services Accounting Code or SAC. Each of the services under the GST regime have a unique SAC.
SAC code 9982 is specifically designated for legal and accounting services. This code encompasses a wide array of services delivered by professionals in the legal and accounting fields.
SAC code 9983 is specifically designated for Other Professional Services, which encompass a wide and varied range of specialized services provided by professionals with unique expertise.
NAICS 811000 - Repair and Maintenance is part of: Sector 81 - Other Services (except Public Administration). SOC Major Groups in NAICS 811000 - Repair and Maintenance: 00-0000 All Occupations.
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