CRUDE PETROLEUM OILS - GST RATES HSN CODE 2709

Crude Petroleum Oil is one of the most important commodities for industries worldwide. It is used in various sectors such as transportation, power generation, and manufacturing. The Indian government's implementation of GST has resulted in changes to the tax structure for crude petroleum oil. In this article, we will discuss the GST rates and HSN code for crude petroleum oil in India.

GST Rates for Crude Petroleum Oils

The GST rates for crude petroleum oils are classified under Chapter 27 of the GST Tariff Act. The GST rate for crude petroleum oil is 5%. This rate is applicable to all types of crude petroleum oil, including sweet crude, sour crude, light crude, and heavy crude.HSN Code for Crude Petroleum Oils:The HSN code for crude petroleum oil is 2709. This code is used for the classification of goods under the GST system. It is important to note that the HSN code for crude petroleum oil is applicable for all types of crude petroleum oil.

Impact of GST on Crude Petroleum Oil Industry

The implementation of GST has had a significant impact on the crude petroleum oil industry in India. Prior to GST, crude petroleum oil was subjected to multiple taxes such as excise duty, VAT, and CST. This led to a complex tax structure and increased compliance costs for the industry.However, with the implementation of GST, the tax structure has been simplified, and compliance costs have reduced. The GST rate of 5% is lower than the earlier tax rates, which has resulted in reduced costs for the industry. Additionally, the implementation of GST has resulted in increased efficiency in the supply chain, which has improved the competitiveness of the industry.

Conclusion

In conclusion, the implementation of GST has had a positive impact on the crude petroleum oil industry in India. The GST rate of 5% and HSN code of 2709 for crude petroleum oil have simplified the tax structure and reduced compliance costs for the industry. The increased efficiency in the supply chain has also improved the competitiveness of the industry. It is important for businesses in the crude petroleum oil industry to understand the GST rates and HSN code for crude petroleum oil to comply with the GST regulations.