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HSN CODE - 49070020 : Bank notes

HSN CODE Description Policy
4907UNUSED POSTAGE, REVENUE OR SIMILAR STAMPS OF CURRENT OR NEW ISSUE IN THE COUNTRY IN WHICH THEY HAVE, OR WILL HAVE, A RECOGNIZED FACE VALUE; STAMP-IMPRESSED PAPER; BANK NOTES; CHEQUE FORMS; STOCK, SHARE OR BOND CERTIFICATES AND SIMILAR DOCUMENTS OF TITLE
490700Unused postage, revenue or similar stamps of current or new issue in the country in which they have, or will have, a recognized face value; stamp-impressed paper; bank notes; cheque forms; stock, share or bond certificates and similar documents of title
49070020Bank notesRestricted

Harmonised System of Nomenclature (HSN Codes) 49070020 are used for the Bank notes products under Goods and Service Tax classification.

India was originally using 6 digit HSN codes to classify commodities but later two more digits were added to make the codes more precise, resulting in an 8 digit classification.

Understanding HSN Code 49070020

First two digits (49) represent the chapter number which is Chapter 49 - Printed books, newspapers, pictures and other products of the printing industry; manuscripts, typescripts and plans.

Next two digits (07) represent the heading number which is UNUSED POSTAGE, REVENUE OR SIMILAR STAMPS OF CURRENT OR NEW ISSUE IN THE COUNTRY IN WHICH THEY HAVE, OR WILL HAVE, A RECOGNIZED FACE VALUE; STAMP-IMPRESSED PAPER; BANK NOTES; CHEQUE FORMS; STOCK, SHARE OR BOND CERTIFICATES AND SIMILAR DOCUMENTS OF TITLE

Next two digits (00) represent the product code which is Unused postage, revenue or similar stamps of current or new issue in the country in which they have, or will have, a recognized face value; stamp-impressed paper; bank notes; cheque forms; stock, share or bond certificates and similar documents of title

Last two digits (20) are for final or deeper classification which is Bank notes

All 8 digits of HSN code is mandatory for export & imports for tax invoice of GST.