GST rates and HSN code for Tar Distilled Coal Lignite Peat

Coal, Lignite, Peat and other fossil fuels have been a source of energy for centuries. However, with time, their usage has evolved, and they have become a vital component in several industries. In India, these fossil fuels come under the purview of the Goods and Services Tax (GST).

GST Rates for Tar Distilled Coal Lignite Peat

The GST rates for Tar Distilled Coal Lignite Peat under HSN code 2706 are as follows:

5% GST for Tar distilled from coal, from lignite or from peat

It is important to note that GST rates for Tar Distilled Coal Lignite Peat are subject to change as per the GST council's decision. Hence, it is advisable to stay updated with the latest GST council notifications.

HSN Code for Tar Distilled Coal Lignite Peat

The Harmonized System of Nomenclature (HSN) code for Tar Distilled Coal Lignite Peat is 2706. The HSN code is a 6 digit code used to classify goods for taxation purposes in India. It is mandatory for businesses to mention the HSN code of the goods they are selling in their invoices.

It is important to note that the HSN code for Tar Distilled Coal Lignite Peat is specific to this product category only. In case the product belongs to a different category, it will have a different HSN code.

Conclusion

GST rates and HSN codes for Tar Distilled Coal Lignite Peat are important aspects for Small and Medium Business owners and Startup founders in India. It is advisable to stay updated with the latest GST council notifications to ensure compliance with GST regulations.

Moreover, businesses must ensure that they mention the correct HSN code in their invoices to avoid any penalties and legal consequences.