As a small or medium business owner, it is essential to be aware of the GST rates and HSN codes of the products you deal with. In this article, we will discuss the GST rates and HSN code for Glycerol, Crude.
Glycerol crude, also known as glycerin, is a by-product of soap manufacturing, biodiesel production, and other industrial processes. It is a colorless and odorless liquid that is widely used in the cosmetics, food, and pharmaceutical industries. Glycerol crude contains impurities such as water, salts, and fatty acids and needs to be purified before use.
HSN stands for Harmonized System of Nomenclature, which is an internationally recognized system of names and numbers used to classify goods. The HSN code for glycerol crude is 1520.
The GST rates for glycerol crude are as follows:
1. 18% for glycerol crude with 80% or more glycerol content
2. 12% for glycerol crude with less than 80% glycerol content
The GST on glycerol crude can be calculated as follows:
For glycerol crude with 80% or more glycerol content:
Cost of glycerol crude + 18% GST
For glycerol crude with less than 80% glycerol content:
Cost of glycerol crude + 12% GST
If you deal with glycerol crude, you are required to register for GST if your turnover exceeds Rs. 20 lakhs (Rs. 10 lakhs for special category states) in a financial year. GST registration can be done online through the GST portal.
In conclusion, the HSN code for glycerol crude is 1520, and the GST rates are 18% for glycerol crude with 80% or more glycerol content, and 12% for glycerol crude with less than 80% glycerol content. Ensure that you calculate the GST correctly and register for GST if your turnover exceeds the threshold limit.
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