Existing prevailing rates of the products.
This query is : Resolved
07 July 2024
Product name :
Unmanufactured tobacco with brand name.
HSN 24011090
IS IT TRUE prevailing structure as below:
CGST 14%
SGST 14%
Plus compensation cess @36% on MRP valuation.
Mahesh Tobacco company
Unmanufactured tobacco with brand name.
HSN 24011090
IS IT TRUE prevailing structure as below:
CGST 14%
SGST 14%
Plus compensation cess @36% on MRP valuation.
Mahesh Tobacco company
24 July 2024
As of my last update, the prevailing GST rates and compensation cess for unmanufactured tobacco with a brand name (HSN code 24011090) in India are as follows:
1. **GST Rates**:
- CGST (Central Goods and Services Tax): 14%
- SGST (State Goods and Services Tax): 14%
2. **Compensation Cess**:
- Compensation cess is applicable on certain goods including tobacco products. The rate of compensation cess varies depending on the category and is typically levied on the basis of MRP (Maximum Retail Price).
### Specific to Unmanufactured Tobacco:
- **GST Rates**: Unmanufactured tobacco attracts a GST rate of 14% under both CGST and SGST.
- **Compensation Cess**: For tobacco products, including unmanufactured tobacco, compensation cess is applicable at varying rates depending on factors such as the type of tobacco and MRP valuation.
### Example Calculation (Illustrative):
If we assume the MRP-based valuation for unmanufactured tobacco is ₹100:
- GST @ 14% (CGST + SGST) = ₹14
- Compensation Cess @ 36% on MRP = ₹36
Total Tax = GST (₹14) + Compensation Cess (₹36) = ₹50
Therefore, the total tax payable on a ₹100 MRP pack of unmanufactured tobacco would be ₹50.
### Verification and Updates:
- **Verification**: To ensure compliance and accurate tax calculation, it's crucial to refer to the latest notifications, circulars, and updates from the GST Council and the Central Board of Indirect Taxes and Customs (CBIC).
- **Consultation**: For precise details and compliance specific to your business, it’s recommended to consult with a qualified tax advisor or GST practitioner who can provide the latest information and ensure correct application of GST rates and cesses.
Given that tax rates and regulations can undergo updates and changes periodically, staying updated with the latest official notifications is essential for businesses dealing with taxable goods like tobacco products under the GST regime in India.
1. **GST Rates**:
- CGST (Central Goods and Services Tax): 14%
- SGST (State Goods and Services Tax): 14%
2. **Compensation Cess**:
- Compensation cess is applicable on certain goods including tobacco products. The rate of compensation cess varies depending on the category and is typically levied on the basis of MRP (Maximum Retail Price).
### Specific to Unmanufactured Tobacco:
- **GST Rates**: Unmanufactured tobacco attracts a GST rate of 14% under both CGST and SGST.
- **Compensation Cess**: For tobacco products, including unmanufactured tobacco, compensation cess is applicable at varying rates depending on factors such as the type of tobacco and MRP valuation.
### Example Calculation (Illustrative):
If we assume the MRP-based valuation for unmanufactured tobacco is ₹100:
- GST @ 14% (CGST + SGST) = ₹14
- Compensation Cess @ 36% on MRP = ₹36
Total Tax = GST (₹14) + Compensation Cess (₹36) = ₹50
Therefore, the total tax payable on a ₹100 MRP pack of unmanufactured tobacco would be ₹50.
### Verification and Updates:
- **Verification**: To ensure compliance and accurate tax calculation, it's crucial to refer to the latest notifications, circulars, and updates from the GST Council and the Central Board of Indirect Taxes and Customs (CBIC).
- **Consultation**: For precise details and compliance specific to your business, it’s recommended to consult with a qualified tax advisor or GST practitioner who can provide the latest information and ensure correct application of GST rates and cesses.
Given that tax rates and regulations can undergo updates and changes periodically, staying updated with the latest official notifications is essential for businesses dealing with taxable goods like tobacco products under the GST regime in India.
24 July 2024
As per your Last advice you stated as under
Unmanufactured tobacco HSN 24011090
Is 18% GST and compensation cess unchanged 71%>
Unmanufactured tobacco HSN 24011090
Is 18% GST and compensation cess unchanged 71%>
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