Hydrocarbons are compounds of hydrogen and carbon. Acyclic Hydrocarbons are compounds that do not contain any cyclic structure. These hydrocarbons are commonly used in the chemical industry for various purposes such as fuel, lubricants, solvents, and plastics. Under the GST regime, Acyclic Hydrocarbons are classified under the HSN code 2901. In this article, we will discuss the GST rates and HSN code for Acyclic Hydrocarbons in detail.
Acyclic Hydrocarbons are taxed under the GST regime. The GST rates for Acyclic Hydrocarbons vary depending on the specific type of hydrocarbon. The GST rates for Acyclic Hydrocarbons are as follows:
HSN Code Description GST Rate 2901 10 Acyclic hydrocarbons which contain only one carbon atom 18%2901 21 Acyclic hydrocarbons containing two or more carbon atoms 18%
It is important to note that the GST rate for Acyclic Hydrocarbons is 18% regardless of the purpose for which it is used. This means that whether Acyclic Hydrocarbons are used as fuel, lubricants, solvents, or plastics, the GST rate will remain the same.
The HSN code for Acyclic Hydrocarbons is 2901. The HSN code is used to classify goods for taxation purposes. It is a harmonized system of nomenclature that is used globally to classify goods. When goods are classified under the HSN code, it becomes easier for tax authorities to determine the appropriate tax rate for the goods.
In conclusion, Acyclic Hydrocarbons are an important category of hydrocarbons that are widely used in the chemical industry. Under the GST regime, Acyclic Hydrocarbons are classified under the HSN code 2901 and are taxed at a rate of 18%. Whether Acyclic Hydrocarbons are used as fuel, lubricants, solvents, or plastics, the GST rate remains the same. Business owners and startup founders dealing with Acyclic Hydrocarbons should be aware of the GST rates and HSN code to avoid any tax-related issues.
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