GST has been implemented in India since July 1, 2017, and it has brought about several changes in the taxation system of the country. One such change is the introduction of the Harmonized System of Nomenclature (HSN) code for goods and services. HSN code is a six-digit code that is used to classify goods and services for taxation purposes. In this article, we will discuss the GST rates and HSN code for raw skins of sheep and lambs.
Raw skins of sheep and lambs are the skins of the animals that have not undergone any kind of processing. These skins are used for various purposes like making leather products, rugs, etc. Raw skins of sheep and lambs are classified under HSN code 4102.
The GST rates for raw skins of sheep and lambs are as follows:
1. If the raw skins of sheep and lambs are sold as such, i.e., without any processing, then the GST rate applicable is 0%.
2. If the raw skins of sheep and lambs are sold after tanning, then the GST rate applicable is 5%.
It is important to note here that the GST rate of 5% is applicable only if the tanned skins are not further processed. If the tanned skins are further processed, then the GST rate applicable will be as per the HSN code for the processed product.
The HSN code for raw skins of sheep and lambs is 4102. This code is used to classify raw skins of sheep and lambs for taxation purposes. It is important to use the correct HSN code while filing GST returns, as the wrong code can attract penalties and fines.
Raw skins of sheep and lambs are important commodities that are used for various purposes. It is important for business owners and startup founders who deal with these commodities to understand the GST rates and HSN code for these products. This will help them in ensuring that they comply with the taxation laws of the country and avoid penalties and fines.
DIAGNOSTIC LABORATORY REAGENTS - GST RATES HSN CODE 3822
COCOA POWDER - GST RATES HSN CODE 1805
Virtual Account: Guide to Seamless Cash Collection