GST Rate & HSN Code for Fish and Crustaceans Molluscs and Other Aquatic Invertebrates – Chapter 3
India is a country known for its rich variety of fish and seafood. With a coastline of over 7,500 km, India is one of the largest producers of fish and seafood in the world. This has led to the inclusion of a specific chapter, Chapter 3, in the Goods and Services Tax (GST) regime, which deals with fish and crustaceans, molluscs, and other aquatic invertebrates. Let’s take a closer look at this chapter and understand its relevance under GST in India.
GST, also known as the “One Nation, One Tax” system, was introduced in India in 2017 to simplify the country’s complex tax structure. It replaced several indirect taxes such as VAT, Service Tax, and Excise Duty, and brought them under one umbrella. This move has not only made the tax system more transparent but has also helped in the growth of the Indian economy.
GST Rates Applicable for Items Under Chapter 3
The following table shows the GST rates applicable for items under Chapter 3:
| Item |
HSN Code |
GST Rate |
| Fresh or chilled fish |
0301 |
5% |
| Frozen fish |
0303 |
5% |
| Fish fillets and other fish meat |
0304 |
5% |
| Dried, salted, or in brine fish |
0305 |
5% |
| Crustaceans, molluscs, and other aquatic invertebrates |
0306 |
5% |
HSN Codes, Descriptions, and GST Rates for Items Under Chapter 3
The following table lists all the HSN codes, descriptions, and GST rates for items under Chapter 3:
| HSN Code |
Description |
GST Rate |
| 0301 |
Fish, fresh or chilled |
5% |
| 0302 |
Fish, frozen |
5% |
| 0303 |
Fish fillets and other fish meat |
5% |
| 0304 |
Fish, dried, salted, or in brine |
5% |
| 0305 |
Crustaceans, molluscs, and other aquatic invertebrates |
5% |
GST Compliance and Invoicing
Under GST, it is mandatory for all businesses with a turnover of more than Rs. 40 lakhs (Rs. 20 lakhs for North Eastern states) to register and comply with the GST regulations. This includes businesses dealing with fish and seafood.
When invoicing for items under Chapter 3, businesses must mention the HSN code, description, and GST rate for each item. For example, if a business sells 1 kg of frozen fish with an HSN code of 0303, the invoice must mention “1 kg Frozen Fish – HSN Code 0303 – GST Rate 5%”. This helps in the proper categorization of items and ensures accurate tax calculation.
Example Scenario: A fisherman purchases 10 kg of fresh fish with an HSN code of 0301 from a supplier. The price of each kilogram of fish is Rs. 100. The total cost of the purchase would be Rs. 1000, and the GST to be paid would be Rs. 50 (5% of Rs. 1000).
Key Notes for Compliance:
– Businesses must ensure that they have registered for GST and have a valid GSTIN.
– The correct HSN code, description, and GST rate must be mentioned on the invoice.
– Businesses must file their GST returns on time to avoid penalties.
– Any discounts or other charges must be included in the invoice and taxed accordingly.
FAQs for Fish and Crustaceans Molluscs and Other Aquatic Invertebrates – Chapter 3
Related
