GST RATES & HSN CODE 1507 - SOYA BEAN OIL

Soya bean oil, also known as soybean oil, is a vegetable oil extracted from soybean seeds. It is one of the most widely consumed cooking oils in the world, and is commonly used in Indian households for frying, baking, and frying. It is a rich source of omega-3 fatty acids, which are essential for human health. Soya bean oil is also used in the production of biodiesel due to its high lipid content.

GST Rates and HSN Code for Soya Bean Oil

The GST rate for soya bean oil is 5%. The HSN code for soya bean oil is 1507.

Under the GST regime, it is mandatory for all businesses with an annual turnover of Rs. 20 lakhs or more to register for GST. GST registration can be done online through the GSTN portal. Once you have registered for GST, you will be assigned a unique GSTIN (Goods and Services Tax Identification Number), which you will need to mention on all your invoices and other tax-related documents.

Benefits of using Soya Bean Oil

Soya bean oil is a healthy cooking oil that offers a range of health benefits. Here are some of the key benefits of using soya bean oil:

1. High in Omega-3 Fatty Acids: Soya bean oil is a rich source of omega-3 fatty acids, which are essential for heart health. Omega-3 fatty acids can help reduce inflammation, lower blood pressure, and improve cholesterol levels.

2. Low in Saturated Fats: Soya bean oil is low in saturated fats, which can help reduce the risk of heart disease and stroke.

3. High in Antioxidants: Soya bean oil is rich in antioxidants, which can help protect the body against oxidative stress and free radical damage.

4. Good for Skin and Hair: The vitamin E in soya bean oil can help improve skin and hair health. It can help moisturize the skin, reduce the appearance of fine lines and wrinkles, and promote healthy hair growth.

Uses of Soya Bean Oil

Soya bean oil is a versatile cooking oil that can be used in a wide range of dishes. Here are some of the common uses of soya bean oil:

1. Frying: Soya bean oil is commonly used for deep frying due to its high smoke point.

2. Baking: Soya bean oil can be used in baking as a substitute for butter or other oils.

3. Cooking: Soya bean oil can be used for sautéing, stir-frying, and other cooking methods.

4. Dressing: Soya bean oil can be used as the base for salad dressings and marinades.

Conclusion

Soya bean oil is a healthy and versatile cooking oil that offers a range of health benefits. It is important to understand the GST rates and HSN codes for soya bean oil in order to comply with GST regulations. Whether you are a small business owner, a startup founder, or a home cook, soya bean oil is a great choice for your cooking needs.