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Dec - New Economic Terms and Concepts - Coggle Diagram
Dec - New Economic Terms and Concepts
HSN code
Harmonized System of Nomenclature
introduced for
systematic classification of goods
all over the world
remains same
for almost all goods
help
customs agents
allows
automation of GST returns
saving time and money
for tax authority
6-digit uniform code
classifies 5000+products
for Customs
and central exercise
added 2 more digits
resulting 8 digit classification
and accepted worldwide
developed by
World Customs Organization (WCO)
GST- lottery
lottery, gambling and betting
taxable under Sec 2 (52)GST Act
Regulatory Sandbox
refers to
live testing of new products or sevices
in controlled/test regulatory envir
for which regulators
may or not permit certain
regulatory relaxations
for limited purpose of testing