GST or Goods and Services Tax is an indirect tax applicable to all goods and services in India. It was introduced in July 2017 to simplify the taxation system and promote ease of doing business. GST rates and HSN code for Butter, Fats, and Oils are important for small and medium business owners and startup founders who deal with such products.
As per the latest updates, the GST rates for Butter, Fats, and Oils are as follows:
Product HSN Code GST Rate Butter and Ghee0405 12%Vegetable Fats and Oils 1518 18%Animal Fats and Oils 15011 8%
It is important to note that the GST rate for Butter and Ghee is the same, which is 12%. This means that any product that falls under the HSN code 0405 will be charged 12% GST. However, the GST rate for Vegetable Fats and Oils and Animal Fats and Oils is 18%.
HSN or Harmonized System of Nomenclature is a 6-digit code used to classify goods and services for taxation purposes. HSN code for Butter, Fats, and Oils is 0405.
Here is a breakdown of HSN code 0405:
This means that any product that falls under HSN code 0405 will be classified as a product of animal origin and will be charged a 12% GST rate.
Understanding GST rates and HSN code for Butter, Fats, and Oils is important for small and medium business owners and startup founders who deal with such products. With the latest updates, the GST rate for Butter and Ghee is 12%, while the GST rate for Vegetable Fats and Oils and Animal Fats and Oils is 18%. HSN code 0405 is used to classify Butter, Fats, and Oils and any product that falls under this code will be charged a 12% GST rate.
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