Limit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 November 2010
What is the exemption limit in case of Excise upto which no requirement to pay excise??
30 November 2010
1.5 crore
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 November 2010
What is the limit for mustard oil manufacturer????
Give HSN No i=under which it is taxable??
Give HSN No i=under which it is taxable??
02 August 2024
### GST for Mustard Oil Manufacturer
Under the Goods and Services Tax (GST) regime in India, mustard oil is categorized under certain tax slabs and is subject to specific HSN codes. Here is the detailed information:
#### HSN Code for Mustard Oil:
- **HSN Code for Mustard Oil:** **1504**
- This code is used for "Soya bean oil and its fractions; sunflower seed oil and its fractions; safflower (Carthamus tinctorius) oil and its fractions; cotton seed oil and its fractions; mustard oil and its fractions."
#### GST Rate for Mustard Oil:
- **GST Rate for Mustard Oil:** **5%** (as of the latest updates; rates may vary, so it’s always good to verify with the latest notifications from the GST authorities).
#### Threshold Limit for GST Registration:
- **For manufacturers (including mustard oil manufacturers):**
- **Threshold Limit for GST Registration:** ₹40 lakhs (₹20 lakhs for special category states) in aggregate turnover. This means if the aggregate turnover exceeds ₹40 lakhs (or ₹20 lakhs in special category states), GST registration is mandatory.
- **For inter-state supplies:** GST registration is mandatory regardless of turnover for inter-state supplies.
#### Important Considerations:
1. **Input Tax Credit (ITC):** As a manufacturer, you can claim Input Tax Credit (ITC) on the GST paid on inputs and input services used in the production of mustard oil.
2. **Compliance:** Ensure compliance with GST return filings and other regulatory requirements. Regularly update yourself with the GST council’s notifications for any changes in rates or exemptions.
3. **State-Specific Rules:** Some states might have additional rules or thresholds, so always check local GST provisions.
For the most accurate and up-to-date information, refer to the latest GST notifications or consult with a GST professional.
Under the Goods and Services Tax (GST) regime in India, mustard oil is categorized under certain tax slabs and is subject to specific HSN codes. Here is the detailed information:
#### HSN Code for Mustard Oil:
- **HSN Code for Mustard Oil:** **1504**
- This code is used for "Soya bean oil and its fractions; sunflower seed oil and its fractions; safflower (Carthamus tinctorius) oil and its fractions; cotton seed oil and its fractions; mustard oil and its fractions."
#### GST Rate for Mustard Oil:
- **GST Rate for Mustard Oil:** **5%** (as of the latest updates; rates may vary, so it’s always good to verify with the latest notifications from the GST authorities).
#### Threshold Limit for GST Registration:
- **For manufacturers (including mustard oil manufacturers):**
- **Threshold Limit for GST Registration:** ₹40 lakhs (₹20 lakhs for special category states) in aggregate turnover. This means if the aggregate turnover exceeds ₹40 lakhs (or ₹20 lakhs in special category states), GST registration is mandatory.
- **For inter-state supplies:** GST registration is mandatory regardless of turnover for inter-state supplies.
#### Important Considerations:
1. **Input Tax Credit (ITC):** As a manufacturer, you can claim Input Tax Credit (ITC) on the GST paid on inputs and input services used in the production of mustard oil.
2. **Compliance:** Ensure compliance with GST return filings and other regulatory requirements. Regularly update yourself with the GST council’s notifications for any changes in rates or exemptions.
3. **State-Specific Rules:** Some states might have additional rules or thresholds, so always check local GST provisions.
For the most accurate and up-to-date information, refer to the latest GST notifications or consult with a GST professional.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Disallowance of Section 43B(h) to sez units
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Redevolpment of bldg in mumbai
- Refund of AY 22-23
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
