Are you a business owner or startup founder dealing with Wool Grease and Fatty Substances. If so, it's important to understand the GST rates and HSN codes associated with these products.
The HSN code for Wool Grease is 1505. This code covers not only wool grease, but also fatty substances derived from animal or vegetable fats and oils. This includes products like tallow, lard, and fish oil.
Under the GST system, products are classified into 8 different tax slabs ranging from 0% to 28%. The tax rate for Wool Grease and Fatty Substances is 5%. This means that if you are an Indian business owner or startup founder dealing with these products, you will need to charge a 5% GST rate to your customers.
Wool Grease is a natural substance that is produced by sheep. It is a waxy, yellowish substance that is secreted by the sebaceous glands in the skin of the sheep. Wool grease is used in a variety of industrial applications, including the production of lubricants, soaps, and cosmetics.
In addition to its industrial uses, wool grease is also commonly used as a natural remedy for a variety of skin conditions. It is believed to have anti-inflammatory properties and can help soothe and hydrate dry, itchy skin.
In addition to wool grease, the HSN code 1505 also covers fatty substances derived from animal or vegetable fats and oils. These substances are used in a variety of industrial applications, including the production of soaps, candles, and cosmetics.
Fatty substances are also used in the food industry as cooking oils and food additives. Some common fatty substances include tallow, lard, and fish oil.
Understanding the GST rates and HSN codes associated with Wool Grease and Fatty Substances is important for Indian business owners and startup founders. By charging the correct tax rate and using the correct HSN code, you can avoid costly fines and penalties and ensure that your business is in compliance with Indian tax laws.
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