GST Rate & HSN Code for Meat and edible meat offal – Chapter 2

Introduction:

GST Rate & HSN Code for Meat and edible meat offal – Chapter 2: The Goods and Services Tax (GST) has brought about a significant change in the way taxation is dealt with in India. Under the GST regime, all goods and services are classified into different chapters and schedules, each with their respective GST rates and Harmonized System of Nomenclature (HSN) codes. In this article, we will discuss Chapter 2 of the GST, which covers Meat and edible meat offal, and the corresponding HSN codes and GST rates.

GST Rates for Meat and Edible Meat Offal:

The GST rates for meat and edible meat offal fall under two categories – Live animals and their products and products of animal origin. The table below shows the GST rates for items under these categories:

GST Rates for Meat and Edible Meat Offal

HSN Codes, Description, and GST Rates for Meat and Edible Meat Offal:

The HSN codes are a system of classification of goods and services used in the GST regime. Here are the HSN codes, descriptions, and GST rates for meat and edible meat offal under Chapter 2:

HSN Codes, Description, and GST Rates for Meat and Edible Meat Offal

GST Compliance and Invoicing:

Under the GST regime, it is mandatory for all businesses to comply with the rules and regulations set by the government. For businesses dealing with meat and edible meat offal, it is essential to follow the following compliance measures:

GST Compliance for Meat and Edible Meat Offal

1. Registration: All businesses with an annual turnover of Rs. 40 lakhs or more are required to register under GST. This includes businesses dealing with meat and edible meat offal.

2. Maintenance of records: Businesses must maintain proper records of all transactions related to meat and edible meat offal, including invoices, bills of supply, and delivery challans.

3. Invoicing: All invoices must contain the HSN code, description, and GST rate of the products being sold.

4. Filing of GST returns: Businesses must file their GST returns on a monthly or quarterly basis, depending on their turnover.

5. Payment of GST: The GST must be paid on the 20th of the following month for monthly filers and on the 18th of the following quarter for quarterly filers.

Example Scenario:

Let us understand the GST compliance and invoicing for meat and edible meat offal with an example scenario. Mr. Sharma owns a meat shop and sells fresh meat of bovine animals (HSN code 0201) at Rs. 500 per kg. The GST rate applicable for this product is 12%. So, the invoice for this transaction would look like this:

Item Name: Meat of bovine animals (fresh)
HSN Code: 0201
Price: Rs. 500 per kg
GST: 12%

Key Notes for Compliance:

• Businesses dealing with meat and edible meat offal must register under GST and comply with all the rules and regulations set by the government.
• Invoices must contain the HSN code, description, and GST rate of the products being sold.
• Proper records of all transactions must be maintained by the businesses.
• GST returns must be filed on time, and the GST must be paid accordingly.

Conclusion:

In conclusion, Chapter 2 of the GST covers the taxation of meat and edible meat offal in India. It is essential for businesses dealing with these products to understand the GST rates and HSN codes applicable to them and comply with the GST rules and regulations. This will not only ensure smooth business operations but also help in the growth of the Indian economy.

FAQs for Meat and Edible Meat Offal – Chapter 2

Manish Aggarwalhttps://investmentgroww.com

Manish Aggarwal is a Professional Blogger and a Data, Busniess and Finance enthusiast. He open to new opportunities. He writes on education, finance, data etc.