GST HSN Code List: A Comprehensive Guide to 12% GST Rate
The Goods and Services Tax (GST) has been a game-changer for the Indian economy. With its introduction, the country has moved towards a more streamlined and organized tax system. One of the crucial aspects of GST is the HSN (Harmonized System of Nomenclature) code, which is used to classify goods and services for taxation purposes. In this article, we will focus on the 12% GST rate and the corresponding HSN code list.
What is the 12% GST Rate?
The 12% GST rate is one of the four GST slabs introduced by the government. This rate is applicable to goods and services that are considered "standard" or "mid-range" in terms of their value. The 12% GST rate is higher than the 5% GST rate, but lower than the 18% and 28% GST rates.
GST HSN Code List for 12% GST Rate
Here is a comprehensive list of goods and services that fall under the 12% GST rate, along with their corresponding HSN codes:
Food and Beverages
- HSN Code 0401: Milk and cream, not concentrated or containing added sugar or sweetening matter
- HSN Code 1701: Cane sugar, raw sugar, and sugar syrup
- HSN Code 2106: Food preparations not elsewhere specified or included (e.g., soups, broths, and sauces)
Tobacco and Tobacco Products
- HSN Code 2402: Cigars, cheroots, cigarillos, and cigarettes
- HSN Code 2403: Other manufactured tobacco and manufactured tobacco substitutes
Chemicals and Allied Products
- HSN Code 2805: Alkaline or alkaline-earth metals; rare-earth metals, scandium and yttrium, whether or not intermixed or interalloyed
- HSN Code 2905: Acyclic alcohols and their halogenated, sulphonated, nitrated or nitrosated derivatives
Pharmaceuticals
- HSN Code 3003: Medicaments (excluding goods of heading 3002, 3005 or 3006) consisting of two or more constituents which have been mixed together for therapeutic or prophylactic uses, not put up in measured doses or in forms or packings for retail sale
- HSN Code 3004: Medicaments (excluding goods of heading 3002, 3005 or 3006) consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses (including those in the form of transdermal administration systems) or in forms or packings for retail sale
Textiles
- HSN Code 5205: Cotton yarn (other than sewing thread)
- HSN Code 5402: Synthetic filament yarn (other than sewing thread)
Electronics
- HSN Code 8414: Air or vacuum pumps, air or other gas compressors and fans; ventilating or recycling hoods incorporating a fan, whether or not with filters
- HSN Code 8471: Automatic data processing machines and units thereof; magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data
This is not an exhaustive list, and there are many more goods and services that fall under the 12% GST rate. It is essential for businesses to consult the official GST website or consult with a tax expert to determine the correct HSN code and GST rate for their products or services.
Conclusion
The 12% GST rate is an essential component of the GST system, and understanding the corresponding HSN code list is crucial for businesses to ensure compliance with tax laws. By consulting this list and seeking expert advice, businesses can avoid errors and ensure smooth operations under the GST regime.
