Fowls Gallus Domesticus, commonly known as chicken, is a domesticated bird that is widely consumed across the globe. In India, chicken is a staple food and is an essential ingredient in several dishes. Chicken is also a lucrative business for small and medium-sized enterprises, as it has a high demand and low production cost. However, it is essential to maintain proper records and comply with the tax laws related to chicken farming.
The Goods and Services Tax (GST) is a comprehensive tax system that replaced several indirect taxes in India. GST rates and HSN codes are used to determine the tax applicable to goods and services. In this article, we will discuss the GST rates and HSN code for Fowls Gallus Domesticus.
Under GST, Fowls Gallus Domesticus are classified under chapter 2 of the GST tariff schedule. The GST rate for chicken is 5%. This means that if you are a chicken farmer or supplier, you will have to pay a 5% tax on chicken sales.
It is essential to note that GST rates vary depending on the type of chicken. For instance, chicken eggs have a GST rate of 0%, whereas processed chicken has a GST rate of 12%. Therefore, it is crucial to understand the HSN code for chicken to determine the appropriate GST rate.
HSN stands for Harmonized System of Nomenclature. It is a code system used to classify goods in international trade. The HSN code for Fowls Gallus Domesticus is 0207, and it is classified under chapter 2 of the GST tariff schedule.
The HSN code for chicken is used to determine the GST rate applicable to chicken products. For instance, if you are selling processed chicken, the HSN code will be 0207 14, and the applicable GST rate will be 12%.
In conclusion, Fowls Gallus Domesticus is a popular and lucrative business in India. It is essential to comply with the tax laws related to chicken farming to avoid penalties and legal issues. The GST rate for chicken is 5%, and the HSN code for Fowls Gallus Domesticus is 0207. Understanding the GST rates and HSN codes for chicken products will help you determine the appropriate tax applicable to your business.
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