GST RATES HSN CODE 1005 - CORN

Corn is one of the most popular crops in India, and it is used in a variety of ways in the food industry. It is a key ingredient in many dishes, and is also used to make snacks such as popcorn. In this article, we will discuss the GST rates and HSN code for Corn in India.

What is GST?

GST stands for Goods and Services Tax, and it is a tax that is levied on the supply of goods and services in India. It was introduced in 2017, and it replaced many indirect taxes that were previously levied by the central and state governments.

What is HSN Code?

The HSN code stands for Harmonized System of Nomenclature, and it is a system of classification for goods that is used globally. It is used to classify goods for taxation, and it is also used for statistical purposes.

GST Rates for Corn

The GST rate for Corn in India is 5%. This means that if you are a business that sells Corn, you need to charge your customers 5% GST on the sale of Corn. The GST rate for Corn is the same across all states in India, and it does not vary based on the quantity or value of Corn that you sell.

HSN Code for Corn

The HSN code for Corn is 1005. This code is used to classify all types of Corn, whether it is fresh, dried, or processed. If you are a business that sells Corn, you need to use the HSN code 1005 when filing your GST returns.

Why is it Important to Know the GST Rates and HSN Code for Corn?

Knowing the GST rates and HSN code for Corn is important for several reasons. Firstly, it ensures that you are correctly charging your customers GST on the sale of Corn. This is important to avoid any penalties or legal issues down the line. Secondly, it helps you to file your GST returns correctly, as you need to use the HSN code 1005 when filing your returns.

Conclusion

Corn is a popular crop in India, and it is used in a variety of ways in the food industry. As a business that sells Corn, it is important to know the GST rates and HSN code for Corn, as this ensures that you are correctly charging your customers GST and filing your GST returns correctly. The GST rate for Corn in India is 5%, and the HSN code for Corn is 1005.