GST or Goods and Services Tax is an indirect tax levied on the supply of goods and services in India. It is a comprehensive tax and subsumes all other indirect taxes like central excise duty, service tax, and VAT. GST rates and HSN codes are essential for businesses to comply with the tax regulations in India. In this article, we will discuss the GST rates and HSN code for octopus, a popular seafood item in India.
Octopus is a marine mollusk that belongs to the Cephalopoda class. It has eight arms and two eyes and is known for its intelligence and ability to change its color and texture. In India, octopus is consumed as a delicacy, and it is commonly found in coastal regions.
The GST rate for octopus is 5%. This rate is applicable to both fresh and frozen octopus. The GST rate for octopus is the same as the GST rate for other seafood items like prawns, crabs, lobsters, and fish.
The HSN code for octopus is 3075. The HSN code is a harmonized system of nomenclature that is used to classify goods for taxation purposes. It is a six-digit code that is used to identify goods and services in international trade.
If you are engaged in the business of selling octopus products, you should be aware of the GST rates and HSN codes for different types of octopus products. Here are some of the common octopus products and their corresponding GST rates and HSN codes:
Octopus Product GST Rate HSN Code
Octopus Meat 5% 3075
Octopus Tentacles 5% 3075
Octopus Rings 5% 3075
Octopus Pickle 12% 2001
Octopus Fry 5% 1604
Octopus is a popular seafood item in India, and businesses engaged in the sale of octopus products must be aware of the GST rates and HSN codes for octopus. The GST rate for octopus is 5%, and the HSN code for octopus is 3075. Businesses selling different types of octopus products must also be aware of the applicable GST rates and HSN codes for each product.
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