Goods and Services Tax (GST) is an indirect tax which has replaced several indirect taxes in India. GST is one of the most comprehensive indirect taxes levied on the manufacture, sale, and consumption of goods and services in India. The GST Council regularly updates its rates and HSN codes to maintain transparency and to make it easier for taxpayers to calculate their GST liability.
In this article, we will focus on the GST rates and HSN code for Omitted goods and services. Omitted goods and services refer to those goods and services that are not specifically listed under the GST Act, but are still liable to GST. The GST Council has prescribed a GST rate and HSN code for Omitted goods and services, which we will discuss in detail below.
The GST rate for Omitted goods and services is 18%. This means that if you are a supplier of Omitted goods and services, you will have to charge GST at the rate of 18% on the value of the goods and services supplied.
The HSN code for Omitted goods and services is 6503. This code is used to classify all goods and services that are not specifically listed under the GST Act, but are still liable to GST. It is important to note that if you are a supplier of Omitted goods and services, you will have to mention the HSN code 6503 on your GST invoices and returns.
In conclusion, the GST rate and HSN code for Omitted goods and services is 18% and 6503 respectively. If you are a supplier of Omitted goods and services, it is important to be aware of these rates and codes to ensure compliance with the GST Act. The GST Council regularly updates its rates and codes, so it is important to stay updated with the latest changes to avoid any penalties or fines.
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