GST Rate HSN Code for Ships, Boats, and Floating Structures - Chapter 89

Ships, boats, and floating structures are essential assets in a variety of industries, including shipping, fishing, and tourism. With the introduction of the Goods and Services Tax (GST) in India, it is important to understand the GST rate and Harmonized System of Nomenclature (HSN) code associated with these products.

GST Rate for Ships, Boats, and Floating Structures

Ships, boats, and floating structures fall under Chapter 89 of the GST tariff. The GST rate for these products is 5%.

It is important to note that the 5% GST rate applies only to ships, boats, and floating structures that are not for personal use. If you are purchasing a ship, boat, or floating structure for personal use, it will be subject to a higher GST rate of 28%.

HSN Code for Ships, Boats, and Floating Structures

The HSN code for ships, boats, and floating structures is 8901.

However, it is important to note that there are several subcategories within Chapter 89 that have different HSN codes. Here are some of the key subcategories:

8901 - Cruise ships, excursion boats, and similar vessels principally designed for the transport of persons; ferry-boats of all kinds
8902 - Fishing vessels; factory ships and other vessels for processing or preserving fishery products
8903 - Yachts and other vessels for pleasure or sports; rowing boats and canoes
8904 - Tugs and pusher craft
8905 - Light-vessels, fire-floats, dredgers, floating cranes, and other vessels the navigability of which is subsidiary to their main function; floating docks; floating or submersible drilling or production platforms

It is important to ensure that you are using the correct HSN code when invoicing or filing your GST returns. Using the wrong HSN code can result in penalties and fines.

Conclusion

Understanding the GST rate and HSN code for ships, boats, and floating structures is essential if you own or operate a business in the relevant industries. By ensuring that you are using the correct GST rate and HSN code, you can avoid penalties and fines and ensure that your business is compliant with GST regulations.