Goods and Services Tax (GST) is a comprehensive indirect tax system that has replaced multiple indirect taxes levied by central and state governments in India. The GST system has been designed to simplify the indirect taxation process and ensure that it is more transparent and efficient. While GST is applicable to almost all goods and services, each product is assigned a specific Harmonized System of Nomenclature (HSN) code based on its nature and use.
Fats, sheep, and goats are some of the most commonly traded products in India. In this article, we will discuss the GST rates and HSN code for fats, sheep, and goats in India.
Fats, sheep, and goats fall under the category of animal products and are subject to GST in India. The GST rate for these items varies depending on the nature and use of the product. Here is a detailed breakdown of the GST rates for fats, sheep, and goats:
Item HSN Code GST Rate Mutton, lamb, and goat meat020412%Fat of sheep or goat15025%Other animal fats and oils150118%
As we can see from the above table, mutton, lamb, and goat meat are subject to a 12% GST rate, while the fat of sheep or goat has a 5% GST rate. Other animal fats and oils are subject to a higher GST rate of 18%.
The HSN code for fats, sheep, and goats depends on the nature and use of the product. Here is a detailed breakdown of the HSN codes for fats, sheep, and goats:
Item HSN Code Description Mutton, lamb, and goat meat0204Fresh, chilled, or frozen meat of sheep or goatsFat of sheep or goat1502Fats and oils derived from milk Other animal fats and oils1501Animal fats, oils and their fractions
As we can see from the above table, the HSN code for mutton, lamb, and goat meat is 0204, while the HSN code for fat of sheep or goat is 1502. Other animal fats and oils are classified under HSN code 1501.
Understanding the GST rates and HSN code for fats, sheep, and goats is essential for small and medium business owners and startup founders in India. It helps them to determine the correct tax bracket for their products and ensures that they comply with the GST regulations. By referring to the information provided in this article, business owners can stay up-to-date with the latest GST rates and HSN codes for fats, sheep, and goats in India.
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