In India, Coconut, Palm Kernel, and Babassu Oil are widely used in a number of industries like food, cosmetics, and pharmaceuticals. These oils are extracted from the respective plant sources and are highly beneficial for the human body. However, businesses that deal in these oils need to be aware of the GST rates and HSN codes applicable to them. HSN Code for Coconut Oil, Palm Kernel Oil and Babassu Oil
The HSN code for Coconut Oil, Palm Kernel Oil, and Babassu Oil is 1513. This HSN code covers all types of coconut, palm kernel, and babassu oil, whether crude, refined, or fractionated. This code is used for the classification of these oils under the GST regime.
The GST rates for Coconut Oil, Palm Kernel Oil, and Babassu Oil are as follows:- Crude Coconut Oil, Palm Kernel Oil, and Babassu Oil: 5%- Refined Coconut Oil, Palm Kernel Oil, and Babassu Oil: 12%- Fractionated Coconut Oil, Palm Kernel Oil, and Babassu Oil: 18%It is important for businesses to understand which category of oil they are dealing with in order to ensure that they are paying the correct GST rate.
Coconut oil has been used for centuries for its many health benefits. It is rich in antioxidants and has anti-inflammatory properties, making it a popular ingredient in cosmetics and skincare products. Coconut oil is also used in cooking and baking, as it has a high smoke point and imparts a distinct flavor to food.Uses of Palm Kernel OilPalm Kernel Oil is a popular ingredient in the food industry and is used in the manufacturing of products like margarine, ice cream, and chocolate. It is also used in the production of soaps, detergents, and other cleaning products.
Babassu Oil is a popular ingredient in cosmetics and skincare products, as it is easily absorbed into the skin and has moisturizing properties. It is also used in hair care products to nourish and strengthen hair.
In conclusion, businesses that deal in Coconut Oil, Palm Kernel Oil, and Babassu Oil need to be aware of the GST rates and HSN codes applicable to these oils. It is important to classify the oil correctly and pay the correct GST rate to avoid any penalties or fines. As these oils are widely used in a number of industries, it is important for businesses to understand their uses and benefits in order to make informed decisions.
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