Within Chapter 12 – Oil Seeds And Oleaginous Frui, HSN Code 12023010 serves as the official classification for H.P.S.. This code determines tax rates and compliance obligations for all entities trading in H.P.S.. CGST applies at 2.50%, SGST/UTGST at 2.50% for local transactions, and IGST at 5.00% for interstate supplies. Measurement is standardized in kg..
HSN Codes under Chapter 12 – Oil Seeds And Oleaginous Frui
Below are related HSN codes from Chapter 12 – Oil Seeds And Oleaginous Frui for your reference:
| Chapter | HSN Code | Description | CGST | SGST/UTGST | IGST |
|---|---|---|---|---|---|
| Oil Seeds And Oleaginous Frui... | 12010010 | Soya Beans, Whether Or Not Broken Soya Beans, Whet... | Nil | Nil | Nil |
| Oil Seeds And Oleaginous Frui... | 12010090 | Soya Beans, Whether Or Not Broken Soya Beans, Whet... | 2.50% | 2.50% | 5.00% |
| Oil Seeds And Oleaginous Frui... | 12011000 | Seed | 2.50% | 2.50% | 5.00% |
| Oil Seeds And Oleaginous Frui... | 12019000 | Other | 0.025 | 0.025 | 0.05 |
| Oil Seeds And Oleaginous Frui... | 12021011 | Ground?Nuts, Not Roasted Or Otherwise Cooked, Whet... | Nil | Nil | Nil |
| Oil Seeds And Oleaginous Frui... | 12021019 | Ground?Nuts, Not Roasted Or Otherwise Cooked, Whet... | 0.025 | 0.025 | 0.05 |
| Oil Seeds And Oleaginous Frui... | 12021091 | Ground?Nuts, Not Roasted Or Otherwise Cooked, Whet... | Nil | Nil | Nil |
| Oil Seeds And Oleaginous Frui... | 12021099 | Ground?Nuts, Not Roasted Or Otherwise Cooked, Whet... | 2.50% | 2.50% | 5.00% |
| Oil Seeds And Oleaginous Frui... | 12022010 | Ground?Nuts, Not Roasted Or Otherwise Cooked, Whet... | 2.50% | 2.50% | 5.00% |
| Oil Seeds And Oleaginous Frui... | 12022090 | Ground?Nuts, Not Roasted Or Otherwise Cooked, Whet... | 2.50% | 2.50% | 5.00% |
GST Rates for HSN 12023010
The tax structure for H.P.S. under HSN Code 12023010 follows a dual taxation model. CGST is levied at 2.50% and SGST/UTGST at 2.50% for intrastate sales. Interstate transactions attract IGST at 5.00%. All invoices must record quantities in kg. as the standard measurement for goods under Chapter 12 – Oil Seeds And Oleaginous Frui.
Who Should Use HSN Code 12023010?
All businesses supplying H.P.S. are obligated to use HSN 12023010 on tax invoices. From producers to retailers within Oil Seeds And Oleaginous Frui, Chapter 12 classification ensures uniform tax treatment. This requirement applies regardless of turnover or business model.
Business Registration Requirements
Entering the H.P.S. market requires essential registrations. GST registration enables legal tax collection on HSN 12023010 goods. For cross-border trade in Oil Seeds And Oleaginous Frui items, secure an Import Export Code. Exporters additionally need AD Code registration for bank processing. Begin with company registration to establish your business entity.
Why Correct Classification Matters
Accurate HSN Code 12023010 usage for H.P.S. simplifies reconciliation and protects against penalties. Keep current with 2.50%, 2.50%, and 5.00% updates for Chapter 12 – Oil Seeds And Oleaginous Frui to ensure ongoing compliance.
Frequently Asked Questions (FAQs)
What is HSN Code 12023010 used for?
HSN Code 12023010 is used to classify H.P.S. under Chapter 12 – Oil Seeds And Oleaginous Frui for GST purposes. Businesses must mention this code on invoices to ensure correct tax calculation and compliance.
What are the GST rates applicable on HSN 12023010?
For H.P.S., CGST applies at 2.50% and SGST/UTGST at 2.50% for intrastate supplies. Interstate transactions are taxed under IGST at 5.00%.
Do I need GST registration to trade in H.P.S.?
Yes, GST registration is mandatory for businesses dealing in H.P.S. under HSN 12023010. This enables you to legally collect taxes and claim input credits on purchases.
What registrations are required for importing H.P.S.?
For importing goods under Oil Seeds And Oleaginous Frui, you need GST registration along with an Import Export Code. Exporters should also obtain AD Code registration for processing international payments.
