GST RATES HSN CODE 1509 - OLIVE OIL

As a small or medium business owner in India, navigating the GST rates and HSN codes for your products can be a challenge. One such product that you may be looking for information on is olive oil.

Olive oil is a popular cooking oil that is widely used in Indian households. It is also a highly valued ingredient in the cosmetic and pharmaceutical industries. In this article, we will explore the GST rates and HSN codes for olive oil in India.

What is Olive Oil?

Olive oil is a type of oil that is extracted from the fruit of the olive tree. It is commonly used in cooking, as well as in cosmetics and pharmaceuticals. Olive oil is known for its health benefits, such as reducing the risk of heart disease and lowering cholesterol levels.

GST Rates for Olive Oil

The GST rates for olive oil in India depend on the type of oil and the packaging.

For olive oil in bulk packaging, the GST rate is 5%. This includes olive oil that is sold in containers with a capacity of more than 18 liters.

For olive oil in retail packaging, the GST rate is 12%. This includes olive oil that is sold in containers with a capacity of less than 18 liters.

It is important to note that these rates apply to olive oil that is imported into India. If the olive oil is produced in India, then the GST rate may be different.

HSN Code for Olive Oil

The HSN code for olive oil is 1509. This code is used to classify products for taxation purposes. The HSN code is a six-digit code that is used by businesses to identify the product that they are selling.

Under the HSN code 1509, olive oil is classified as an edible oil. This code is used for all types of edible oils, including olive oil.

Conclusion

As a small or medium business owner in India, it is important to understand the GST rates and HSN codes for your products. Olive oil is a popular product that is used in cooking, cosmetics, and pharmaceuticals. The GST rates for olive oil depend on the type of oil and the packaging, while the HSN code for olive oil is 1509.

By understanding the GST rates and HSN codes for olive oil, you can ensure that you are properly classifying and taxing your products, which can help you avoid penalties and fines.