Turbo-jets, also known as gas turbine engines, are commonly used in aviation, power generation, and marine propulsion systems. As with all goods and services in India, turbo-jets are subject to Goods and Services Tax (GST) rates and Harmonized System of Nomenclature (HSN) codes. In this article, we will explore the GST rates and HSN codes for turbo-jets.
The HSN code for turbo-jets is 8411, under the section ‘Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof’ of the HSN classification. This section covers a wide range of machinery and mechanical appliances, including turbines, engines, and motors. Within this section, HSN code 8411 pertains specifically to turbo-jets.
The HSN code is a globally recognized system for the classification of goods. It is used to determine the applicable GST rate for a particular product or service. The HSN code for turbo-jets is essential for businesses involved in the manufacture or sale of these products as it helps them to determine the correct GST rate applicable on their products.
The GST rate for turbo-jets is set at 18%. This rate is applicable to all types of turbo-jets, regardless of their size, capacity, or application. The 18% GST rate is levied on the transaction value of the turbo-jet, which includes the price of the product, any applicable taxes, and any other charges related to the sale.
It is important to note that the GST rate for turbo-jets applies to both the import and sale of these products. Businesses that import turbo-jets into India must pay the applicable GST rate on the value of the imported product.
In conclusion, the HSN code for turbo-jets is 8411, and the GST rate for these products is 18%. These rates apply to all types of turbo-jets, regardless of their size, capacity, or application. Businesses involved in the manufacture, sale, or import of turbo-jets must ensure that they comply with the GST rules and regulations applicable to these products.
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