Within Chapter 12 – Oil Seeds And Oleaginous Frui, HSN Code 12024110 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 12024110

The taxation of H.P.S. under HSN Code 12024110 depends on supply location. Intrastate transactions require CGST at 2.50% and SGST/UTGST at 2.50%. Interstate supplies are charged IGST at 5.00%. Invoices should consistently use kg. for Oil Seeds And Oleaginous Frui goods under Chapter 12.

Who Should Use HSN Code 12024110?

All businesses supplying H.P.S. are obligated to use HSN 12024110 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

Planning to trade in H.P.S.? Complete GST registration to legally collect taxes on goods under HSN 12024110. Businesses importing or exporting Oil Seeds And Oleaginous Frui products require an Import Export Code. AD Code registration is essential for exporters to process international payments. Entrepreneurs should secure company registration as the foundational step.

Why Correct Classification Matters

Accurate application of HSN Code 12024110 for H.P.S. enables legitimate input tax credit claims and prevents assessment disputes. Businesses under Chapter 12 – Oil Seeds And Oleaginous Frui should monitor rate updates (2.50%, 2.50%, 5.00%) through official notifications to maintain seamless compliance.

Frequently Asked Questions (FAQs)

How many digits of HSN Code 12024110 should I mention on invoices?

The number of HSN digits depends on your annual turnover. Businesses with turnover above Rs 5 crore must mention 6 digits, while others may use 4 digits. Always use the complete HSN 12024110 for accurate classification of H.P.S..

Can I claim input tax credit on H.P.S. purchases?

Yes, registered businesses can claim input tax credit on H.P.S. purchases made under HSN 12024110. Ensure your supplier mentions correct HSN code and GST rates (2.50%, 2.50%) on the invoice.

What is the difference between CGST and IGST for HSN 12024110?

CGST at 2.50% plus SGST/UTGST at 2.50% applies when H.P.S. is sold within the same state. IGST at 5.00% is charged when goods move across state borders or are imported.

Is Import Export Code necessary for trading H.P.S. domestically?

No, Import Export Code is only required if you plan to import or export H.P.S. internationally. For domestic trade within Oil Seeds And Oleaginous Frui, GST registration is sufficient.

More HSN codes from Chapter 12

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