As an Indian small or medium business owner, keeping tabs on the latest GST rates and HSN codes is crucial. Failure to do so can result in hefty fines and other penalties. One area where confusion often arises is with regards to Cuttle Fish and Squid. In this article, we'll take a deep dive into the GST rates and HSN codes for these two popular seafood items.
Cuttle Fish is a type of seafood that is commonly consumed in India. It is a member of the cephalopod family, which also includes squid and octopus. Cuttle Fish is known for its tender, succulent flesh and is often used in a variety of cuisines, from Indian to Italian.
Squid, like Cuttle Fish, is also a type of cephalopod. It is a popular seafood item in India and is known for its chewy, flavorful flesh. Squid is commonly used in dishes like calamari and is a staple in many seafood-loving households.
When it comes to GST rates, both Cuttle Fish and Squid fall under the 5% tax bracket. This means that if you are a small or medium business owner who deals in these seafood items, you will need to charge your customers 5% GST on top of the sale price.
So, what is the HSN code for Cuttle Fish? The HSN code for Cuttle Fish is 0307. This code is used to classify Cuttle Fish under the Seafood category for GST purposes. If you are a business owner who deals in Cuttle Fish, you will need to use this HSN code on all of your invoices and other relevant documents.
Similarly, the HSN code for Squid is also 0307. This means that Squid is also classified under the Seafood category for GST purposes. If you are a business owner who deals in Squid, you will need to use this HSN code on all of your invoices and other relevant documents.
As a small or medium business owner in India, it is important to stay up-to-date with the latest GST rates and HSN codes. When it comes to Cuttle Fish and Squid, both fall under the 5% tax bracket and have an HSN code of 0307 for Seafood. By using these codes correctly, you can avoid fines and other penalties and ensure that your business stays compliant with GST regulations.
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