GST or Goods and Services Tax is an indirect tax that has transformed the Indian taxation system. It is a comprehensive tax levied on the supply of goods and services. GST came into effect on 1st July 2017, and since then, there have been several changes in the tax structure, including GST rates and HSN codes.
If you are a business owner dealing with fresh produce or products, you must be aware of the GST rates and HSN codes applicable to your products. In this article, we will discuss the GST rates and HSN code for fresh products, including fruits, vegetables, meat, and fish.
HSN or Harmonized System of Nomenclature is a globally accepted system for classifying goods. The HSN code is a six-digit code used to classify different goods under different tax slabs. For instance, fresh fruits have a different HSN code than processed fruits or fruit juices.
The GST rates for fresh products are different from the rates for processed products. Fresh products, including fruits, vegetables, meat, and fish, are classified under the Nil, 5%, or 12% tax slab.
1. Fresh Fruits and Vegetables: Fruits and vegetables are classified under the Nil tax slab. This means that there is no GST applicable to fresh fruits and vegetables.
2. Meat: Fresh meat is classified under the 5% tax slab. This includes all types of meat, including chicken, mutton, and beef.
3. Fish: Fresh fish is also classified under the 5% tax slab.
Note that the Nil and 5% tax slabs are applicable only to fresh products. If the products are processed or packaged, they may have a different GST rate.
The HSN code for fresh products is different from the code for processed products. The following are the HSN codes for different types of fresh products:
1. Fresh Fruits and Vegetables: The HSN code for fresh fruits and vegetables is 6031. This code includes all types of fresh fruits and vegetables, including leafy greens, root vegetables, and fruits like apples, bananas, and mangoes.
2. Meat: The HSN code for fresh meat is 0201. This code includes all types of fresh meat, including chicken, mutton, beef, and pork.
3. Fish: The HSN code for fresh fish is 0301. This code includes all types of fresh fish, including freshwater and saltwater fish.
As a business owner dealing with fresh products, it is crucial to be aware of the GST rates and HSN codes applicable to your products. Fresh products are classified under the Nil, 5%, or 12% tax slab, depending on the type of product. The HSN code for fresh products is different from the code for processed products.
Knowing the GST rates and HSN codes applicable to your products can help you in filing your GST returns correctly and avoiding any penalties for non-compliance. If you have any doubts or queries regarding the GST rates and HSN codes for your products, you can consult a tax expert or refer to the official GST website.
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