CRUSTACEANS - GST RATES HSN CODE 306

Crustaceans are aquatic animals that belong to the class Crustacea. They are a widely consumed seafood item in India and are in high demand. The GST council has classified crustaceans under the HSN code 0306, and is levying a GST rate of 5% for these items. HSN code 0306 includes all aquatic invertebrates such as crabs, lobsters, prawns, and shrimps. These are commonly consumed in India and are an essential item for many small and medium businesses in the country.

The GST rates for crustaceans are relatively lower in comparison to other items, making it an affordable seafood option for the masses.

The HSN code 0306 is further divided into different subcategories based on the type of crustaceans. For instance, crabs are classified under HSN code 0306 14, lobsters under HSN code 0306 23, and shrimps and prawns under HSN code 0306 17. It is essential to know the exact HSN code for the specific type of crustacean you are dealing with, as it can have an impact on the GST rate.

The GST rate for crustaceans is a flat 5%. This rate is relatively lower than the GST rate for other seafood items such as fish, which is levied at 12%. It is important to note that the GST rate also varies based on the method of preparation. For instance, if the crustacean is dried or salted, the GST rate can vary.In addition to GST rates, it is also essential to know about the import/export regulations for crustaceans. Crustaceans are a heavily traded seafood item in India, and it is crucial to have a thorough understanding of the regulations. The import and export of crustaceans are governed by the Directorate General of Foreign Trade (DGFT) and the Marine Products Export Development Authority (MPEDA).

Conclusion:

In conclusion, crustaceans are an essential seafood item for many small and medium businesses in India. The GST rate for crustaceans is relatively lower compared to other seafood items, making it an affordable option for the masses. It is essential to know the exact HSN code for the specific type of crustacean being dealt with, as it can have an impact on the GST rate. It is also crucial to be aware of the import/export regulations for crustaceans, as it is a heavily traded seafood item in the country.