True Hemp is a versatile crop that is grown for its fiber, seed, and oil. It has a variety of uses and applications, including textiles, paper, building materials, animal feed, and even food. The demand for True Hemp products has been increasing in recent years, and it is becoming an important crop for small and medium-sized businesses and startup founders in India. In this article, we will discuss the GST rates and HSN code for True Hemp, which are important factors to consider when doing business with this crop.
True Hemp, also known as industrial hemp, is a strain of the Cannabis sativa plant species that is grown specifically for industrial use. Unlike marijuana, True Hemp contains only trace amounts of the psychoactive compound, THC, which means it cannot get you high. The plant is grown for its fibers, which are used to make textiles, paper, and other materials, as well as for its seeds, which are used for food and oil.
GST, or Goods and Services Tax, is a tax levied on the supply of goods and services in India. The GST rates for True Hemp vary depending on the product and its intended use. Here are the GST rates for some common True Hemp products:
1. True Hemp fiber – 5%
2. True Hemp seeds – 5%
3. True Hemp oil – 18%
It is important to note that these rates are subject to change, and it is recommended to check with the GST department for the latest rates.
HSN, or Harmonized System of Nomenclature, is a classification system used to classify goods for taxation purposes. The HSN code for True Hemp is 5302, which is classified under Chapter 53 – Other Vegetable Textile Fibers; Paper Yarn and Woven Fabric. This code is used to identify True Hemp products for GST purposes.
In conclusion, True Hemp is a versatile crop that has a variety of uses and applications. Small and medium-sized businesses and startup founders in India are increasingly turning to True Hemp products, and it is important to be aware of the GST rates and HSN code for this crop. By understanding these factors, businesses can ensure compliance with the tax laws and regulations in India and make informed decisions when doing business with True Hemp.
CLOCKS WATCH MOVEMENTS - GST RATES & HSN CODE 9103
Precious Stones - GST Rates HSN Code 7103
Guide on GSTR-2 Filing on GST Portal