Groundnut oil, also known as peanut oil, is a popular cooking oil in India. It is extracted from peanuts and has a mild flavor that makes it suitable for various dishes. If you are a small or medium business owner or a startup founder dealing with groundnut oil, it is essential to know the GST rates and HSN code for this product.
The GST rates for groundnut oil are classified under Chapter 15 of the GST tariff. Groundnut oil is categorized as a vegetable oil and attracts a GST rate of 5%.
According to the GST Council, the GST rates for vegetable oils are as follows:
1. Groundnut oil - 5%
2. Coconut oil - 5%
3. Sunflower oil - 5%
4. Soybean oil - 5%
5. Cottonseed oil - 5%
6. Palm oil - 5%
7. Other vegetable oils - 5%
It is important to note that the GST rates for groundnut oil may vary based on the packaging and the brand.
The HSN code for groundnut oil is 1508. The HSN code is a six-digit code used to classify goods for taxation purposes. The HSN code for groundnut oil falls under Chapter 15 of the GST tariff, which deals with animal or vegetable fats and oils and their cleavage products. The HSN code for other vegetable oils is as follows:
1. Coconut oil - 1513
2. Sunflower oil - 1512
3. Soybean oil - 1507
4. Cottonseed oil - 1512
5. Palm oil - 1511
6. Other vegetable oils - 1515
As a small or medium business owner or a startup founder, it is important to be aware of the GST rates and HSN code for groundnut oil. The GST rates for groundnut oil are 5%, and the HSN code for groundnut oil is 1508. It is also important to keep in mind that the GST rates for groundnut oil may vary based on the packaging and the brand.
By understanding the GST rates and HSN code for groundnut oil, you can ensure that you are correctly calculating and paying your taxes. If you have any further questions or concerns regarding the GST rates and HSN code for groundnut oil, it is recommended that you consult with a tax professional or a GST expert.
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