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Published on:
February 25, 2023
By
Prudhvi Raj

GST RATES & HSN CODE 1703 - MOLASSES

Molasses is a thick, dark, sweet syrup that is a byproduct of the sugar-refining process. It is used in a wide range of foods and beverages, including baked goods, rum, and molasses cookies. But when it comes to GST rates and HSN code for Molasses, things can get a little confusing for small and medium business owners and startup founders.

What is GST?

GST stands for Goods and Services Tax, which is a value-added tax levied on the sale of goods and services in India. It is a comprehensive, multistage, destination-based tax that is designed to replace a range of indirect taxes levied by the central and state governments.

What is HSN code?

HSN stands for Harmonized System of Nomenclature, which is an internationally standardized system of names and numbers used to classify traded products. Every product is given a unique HSN code that helps customs officials identify the product and determine the appropriate tax rate.

GST rates and HSN code for Molasses

The GST rate on Molasses is 5%. The HSN code for Molasses is 1703. Molasses falls under the category of Residues and waste from the food industries; prepared animal fodder. The sub-category is Molasses.

Impact on Small and Medium Business Owners and Startup Founders

Knowing the GST rates and HSN code for Molasses is essential for small and medium business owners and startup founders who are involved in the production and sale of Molasses. It helps them determine the tax liability on Molasses and prepare their accounting and invoicing systems accordingly. Failing to comply with GST regulations can result in penalties and fines, which can be detrimental to the financial health of a small business.

Conclusion

GST rates and HSN code for Molasses are important for small and medium business owners and startup founders. The GST rate on Molasses is 5%, and the HSN code for Molasses is 1703. It falls under the category of Residues and waste from the food industries; prepared animal fodder, and the sub-category is Molasses. By understanding these regulations, businesses can ensure compliance and avoid penalties.

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Updated on:
March 16, 2024