Fresh Chilled products, such as meat, fish, vegetables, and fruits, are highly perishable and require special handling when it comes to taxation. The Goods and Services Tax (GST) in India classifies these products under HSN code 2031, with specific GST rates attached to them. In this article, we will explore the intricacies of GST rates and HSN codes for Fresh or Chilled goods.
The GST rates for Fresh Chilled goods vary depending on the specific product. For instance, meat and fish are classified under HSN code 0203 and attract a GST rate of 5%. In contrast, fruits and vegetables fall under HSN code 2009 and are exempt from GST. Dairy products, such as milk and cheese, are taxed under HSN code 0401 and attract a GST rate of 5%.
It is essential for small and medium business owners and startup founders to be familiar with these GST rates to avoid any tax-related issues. Failure to properly manage taxes can lead to serious financial repercussions, including hefty fines and penalties.
HSN code 2031 is reserved for Fresh or Chilled goods, which are further classified based on the specific product. For example, HSN code 0203 is used for meat and fish, while HSN code 2009 is used for fruits and vegetables. It is essential to use the correct HSN code when filing taxes to avoid any errors that can lead to legal issues.
In conclusion, Fresh Chilled products have specific GST rates and HSN codes that business owners and startup founders need to be aware of. Mismanagement of taxes can lead to serious financial repercussions, which is why it is essential to stay informed and up-to-date on the latest tax regulations. If you have any questions or concerns regarding GST rates and HSN codes for Fresh or Chilled goods, consult with a professional tax consultant.
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