Table of Contents
- 1 What is HSN code for works contract under GST?
- 2 What is the GST rate for textiles?
- 3 Do I need to pay GST as a contractor?
- 4 How do I get an HSN code for GST?
- 5 What is the new rate of GST?
- 6 How do I select HSN code in GST?
- 7 What are the GST rates and HSN codes for preserved food items?
- 8 Are the HSN codes and rates subject to periodical updates?
What is HSN code for works contract under GST?
9954
GST Rate on Works Contract
| Description | HSN Code | GST rate |
|---|---|---|
| Works contract mostly involving earth work to government | 9954 | 5\% |
| Oil exploration works contract (construction) | 9954 | 12\% |
| Works contract by sub contractor to main contractor (construction) who in turn provides above services to the government | 9954 | 12\% |
What is the GST rate for textiles?
12\%
The rate of GST on fabrics has been increased to 12\% from 5\%.
What is the HSN code for retail business?
SERVICES RETAIL TRADE – GST RATES & SAC CODE 9962.
What is a works contract under GST?
Basically works contract is a combination of supply of goods and supply of services. Pre-GST, tax was levied under the provisions of Service Tax on service part as well as levied under the provisions of VAT Laws on goods part transferred through Works Contract. The Service Tax Law was introduced in the year 1994.
Do I need to pay GST as a contractor?
Contractors may also need to register for GST. As a contractor, you have to register for GST if your GST turnover is at or above the GST turnover threshold of $75,000 (exclusive of GST) and $150,000 (exclusive of GST) or more for non-profit organisations.
How do I get an HSN code for GST?
To configure this, Go to “Accounts Information” > “Groups” > click on “Create” > Select the “Sales Group” (Select the ledger group for which you want to set up HSN code) > Against “Set/ alter GST details”, enter “Yes” and enter the HSN code here.
Is HSN code necessary in GST?
The mandatory reporting of HSN codes was introduced while preparing the GSTR-1 return from 1st April 2021. As per the revised declaration, taxpayers with an annual aggregate turnover of more than Rs. 5 crore must mandatorily declare six digits of the HSN code on all the tax invoices.
How do you calculate GST in garment industry?
GST on Textiles and Textile Products If the sale value of the textile product is less than Rs. 1000, then a GST rate of 5\% is applicable. If the sale value is more than Rs. 1000, then a GST rate of 12\% is applicable.
What is the new rate of GST?
In India GST rate for various goods and services is divided into four slabs: they are 5\% GST, 12\% GST, 18\% GST, & 28\% GST….Revision of GST Rates announced in the 37th GST Council Meeting.
| Goods or commodities | New rate | Old rate |
|---|---|---|
| Hotels with Room Tariff of Rs.7501 and above | 18\% | 28\% |
How do I select HSN code in GST?
GST Portal – Steps to Search HSN/SAC Tax Rates
- Go to the GST portal homepage. Visit the GST Portal Homepage and login with valid credentials.
- In the case of HSN Codes.
- Select the tax-type.
- Search HSN Chapter by Name or Code.
- Search HSN Code.
- Select the appropriate dates.
- Click on the “Search” option.
- Select the State.
What is the HSN code of grocery items?
Search HS Code
| HSN Code | Product Description |
|---|---|
| 190410 | Prepared foods obtained by the swelling or roasting of cereals or cereal products: |
| 19041020 | Paws mudi and the like |
| 0904 | Pepper of the genus piper; dried or crushed or ground fruits of the genus capsicum or of the genus pimenta |
| 090422 | Crushed or ground: |
What is HSN code for goods tax?
Some of the tax rates are decreased from 28\% to 18\% and some of the goods tax rates are shifted to 5\% from NIL. HSN stands for “Harmonized system of Nomenclature” which was developed by the World Customs Organisation (WCO). WCO’s main objective for introducing HSN codes is to classify all the goods in a systematic manner.
What are the GST rates and HSN codes for preserved food items?
GST Rates and HSN Codes for Preserved/Prepared Food Items HSN Code Description of Goods 1601 Sausages and similar products, of meat, 1602 Other prepared or preserved meat, meat o 1603 Extracts and juices of meat, fish or cru 1604 Prepared or preserved fish; caviar and c
Are the HSN codes and rates subject to periodical updates?
The HSN codes and rates have been arranged as per the best of authors understanding and are subject to periodical updates as per the law for the time being in force. It does not constitute professional advice or a formal recommendation.
What is the rate of GST in India?
The GST rates are fixed under 5 slabs, NIL : Under this tax slab 0\% tax is levied on the goods or services we use. 5 \% : Under this tax slab 5\% tax is levied on the goods and services we use. 12\%: Under this tax slab 12\% tax is levied on the goods and services we use.