Under the GST regime, HSN Code 12129200 classifies Locus Beans within Chapter 12 – Oil Seeds And Oleaginous Frui. This code is essential for businesses to correctly calculate and remit taxes on Locus Beans. The applicable rates are CGST at 2.5%/Nil, SGST/UTGST at 2.5%/Nil for within-state sales, and IGST at 5%/Nil for interstate supplies. Goods are quantified using 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 12129200
For Locus Beans classified under HSN Code 12129200, tax computation follows GST principles. CGST at 2.5%/Nil plus SGST/UTGST at 2.5%/Nil covers intrastate sales. IGST at 5%/Nil applies to interstate transactions. kg. is the prescribed measurement for Oil Seeds And Oleaginous Frui under Chapter 12.
Who Should Use HSN Code 12129200?
Manufacturers, wholesalers, retailers, and exporters dealing in Locus Beans are required to mention HSN 12129200 on all tax documents. This classification under Oil Seeds And Oleaginous Frui applies to businesses of all sizes operating within Chapter 12. Proper usage ensures accurate return filing and audit compliance.
Business Registration Requirements
Looking to deal in Locus Beans? GST registration is your first compliance requirement for HSN 12129200 goods. International traders in Oil Seeds And Oleaginous Frui products must obtain an Import Export Code. AD Code registration facilitates export payment processing. Company registration should precede all other business approvals.
Why Correct Classification Matters
Accurate HSN Code 12129200 usage for Locus Beans simplifies reconciliation and protects against penalties. Keep current with 2.5%/Nil, 2.5%/Nil, and 5%/Nil updates for Chapter 12 – Oil Seeds And Oleaginous Frui to ensure ongoing compliance.
Frequently Asked Questions (FAQs)
What is HSN Code 12129200 used for?
HSN Code 12129200 is used to classify Locus Beans 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 12129200?
For Locus Beans, CGST applies at 2.5%/Nil and SGST/UTGST at 2.5%/Nil for intrastate supplies. Interstate transactions are taxed under IGST at 5%/Nil.
Do I need GST registration to trade in Locus Beans?
Yes, GST registration is mandatory for businesses dealing in Locus Beans under HSN 12129200. This enables you to legally collect taxes and claim input credits on purchases.
What registrations are required for importing Locus Beans?
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.
