Other sugars are one of the most commonly used ingredients in the food and beverage industry. It is used in the preparation of several food items and beverages. Other sugars are classified under HSN code 1702 according to the GST system. In this article, we will discuss the GST rates and HSN code for Other Sugars.
Other sugars are taxed under the GST system with different tax rates based on the type of sugar. The GST rates for Other Sugars are as follows:
1. Raw sugar, refined sugar, and white sugar have a GST rate of 5%.
2. Maple sugar and maple syrup have a GST rate of 12%.
3. Sugar confectionery and candy have a GST rate of 18%.
It is important to note that the above tax rates are subject to change based on the government's policies, and businesses must keep themselves updated with the latest changes.
HSN code is a system of classification of goods for taxation purposes. It is a 6-digit code that is used to identify the type of product and its tax category. Other sugars are classified under HSN code 1702, which includes the following types:
1. Raw sugar
2. Refined sugar
3. White sugar
4. Maple sugar
5. Maple syrup
6. Sugar confectionery
7. Candy
The correct classification of Other Sugars under the HSN code is important for businesses to calculate and file their GST returns correctly.
Other sugars are an essential ingredient in the food and beverage industry. Understanding the GST rates and HSN code for Other Sugars is important for businesses to comply with the GST regulations and file their returns correctly. Businesses should keep themselves updated with the latest changes in tax rates and HSN codes to avoid any penalties or legal issues.
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