Since the introduction of the Goods and Services Tax (GST) in India, businesses across the country have had to adjust to new rules and regulations regarding taxation. One area that has seen significant changes is the mineral or chemical fertilisers industry, specifically in terms of phosphatic fertilisers.
As per the GST schedule, the rate for fertilisers is 5% (2.5% Central GST and 2.5% State GST). This rate applies to all mineral or chemical fertilisers, including phosphatic fertilisers. It is important for businesses in this industry to be aware of this rate when calculating their taxes and filing GST returns.
The HSN code for mineral or chemical fertilisers is 3103. This code is used to classify fertilisers for taxation purposes. In the case of phosphatic fertilisers, the code 3103 90 10 is used specifically. Business owners and startup founders in the industry should ensure that they are using the correct HSN code when filing their taxes, to avoid any penalties or legal issues.
The GST rates and HSN code for mineral or chemical fertilisers, specifically phosphatic fertilisers, have a significant impact on businesses in the industry. By understanding these rates and codes, businesses can ensure that they are accurately calculating their taxes and avoiding any legal issues. Additionally, being aware of these regulations can help businesses to plan their budgets and expenses more effectively.
Overall, staying up-to-date with the latest GST regulations is crucial for small and medium-sized business owners and startup founders in India. By understanding the GST rates and HSN code for mineral or chemical fertilisers, specifically phosphatic fertilisers, businesses can ensure that they are operating in compliance with the law and avoiding any unnecessary financial burdens.
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