Other oils, also known as vegetable oils, are extracted from various plant sources such as seeds, nuts, and fruits. These oils are widely used in cooking, skincare, and many other industries. In India, the GST rates and HSN codes for other oils are regulated by the government. In this article, we will discuss the GST rates and HSN codes for other oils in detail.
Other oils are taxed under GST and the GST rates for other oils are subject to change based on the category they belong to. The GST rates for other oils are as follows:
1. 5% GST on Mustard Oil, Groundnut Oil, Palm Oil, Coconut Oil, and Cottonseed Oil
2. 18% GST on Sunflower Oil, Soybean Oil, Sesame Oil, and Linseed Oil
3. 12% GST on Castor Oil
The above-mentioned rates are applicable to other oils irrespective of the quantity or price of the oil.
HSN codes are a system of codification used by the government to classify goods and services for tax purposes. The HSN code for other oils is 1510. The HSN code for other oils is applicable for all vegetable oils that are not classified under a specific HSN code. For example, if you want to register for GST for mustard oil, you will have to use the HSN code 1510.
Other oils are an essential part of our daily lives and are used in various industries. If you are a small or medium business owner dealing with other oils, it is important to be aware of the GST rates and HSN codes for other oils. This will help you calculate the tax payable on your products and avoid any legal issues.
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