Cocoa Butter, Fat and Oil are widely used in the food and cosmetics industries as they are the main ingredients in chocolates, beauty products, and other related industries. In India, GST rates and HSN codes are important for businesses to manage their taxes and keep track of their finances. In this article, we will discuss everything you need to know about the GST rates and HSN codes for Cocoa Butter, Fat, and Oil.
Cocoa Butter is a type of vegetable fat that is extracted from cocoa beans. It is commonly used in making chocolate, cosmetics, and other related products. Cocoa Fat and Oil, on the other hand, are extracted from the same cocoa bean but serve different purposes. Cocoa Fat is used in coatings while Cocoa Oil is used for frying.GST Rates for Cocoa Butter, Fat, OilAs per the GST Act, Cocoa Butter, Fat, and Oil are classified under HSN code 1804. Under the current GST rates, Cocoa Butter is taxed at 18%, while Cocoa Fat and Oil are taxed at 5%. However, it is important to cross-check the GST rates before making any tax payments or filing GST returns.HSN Code for Cocoa Butter, Fat, Oil The HSN code for Cocoa Butter, Fat, and Oil is 1804. This code is used to classify goods for taxation purposes. The HSN code for Cocoa Butter, Fat, and Oil is crucial for businesses to accurately calculate their GST liability.
To calculate GST on Cocoa Butter, Fat, and Oil, multiply the taxable value of the product with the applicable GST rate. For example, if you purchased Cocoa Butter worth Rs. 1,000, the GST payable will be calculated as follows:
GST payable = 18% of Rs. 1,000 = Rs. 180
In conclusion, as a small or medium business owner in India, it is crucial to understand the GST rates and HSN codes for Cocoa Butter, Fat, and Oil. This will help you manage your taxes and keep track of your finances. Always cross-check the GST rates before making any tax payments or filing GST returns to avoid any discrepancies. We hope this article was helpful in providing you with a comprehensive understanding of Cocoa Butter, Fat, and Oil GST rates and HSN codes.
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