Meat of swine, commonly known as pork, is a popular choice of meat among consumers worldwide. In India, pork consumption is gradually increasing, making it a profitable business opportunity for small and medium business owners and startup founders. If you're planning to venture into the pork business or already have one, you need to understand the GST rates and HSN code for meat of swine.
GST or Goods and Services Tax is a comprehensive tax system that replaced multiple indirect taxes like excise duty, VAT, and service tax. The GST rates for meat of swine are as follows:
1. Live swine - 0%
2. Fresh or chilled pork - 5%
3. Frozen pork - 5%
4. Processed or preserved pork, including sausages, bacon, and ham - 12%
It's essential to note that the GST rates for meat of swine are subject to change as per the GST council's decision.
HSN or Harmonized System of Nomenclature is an internationally recognized system of names and numbers used to classify traded products. HSN codes for meat of swine are as follows:
1. Live swine - 0103
2. Fresh or chilled pork - 0203
3. Frozen pork - 0203
4. Processed or preserved pork, including sausages, bacon, and ham - 1601
Knowing the GST rates and HSN code for meat of swine is crucial for the following reasons:
Meat of swine or pork is a profitable business opportunity, and knowing the GST rates and HSN code is crucial for small and medium business owners and startup founders. The GST rates for meat of swine range from 0% to 12%, while the HSN codes range from 0103 to 1601. Understanding these rates and codes will help you comply with the GST laws, price your products correctly, and trade internationally.
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