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Querist : Anonymous (Querist)

29 November 2010 What is the exemption limit in case of Excise upto which no requirement to pay excise??

Rajesh Kumar

Rajesh Kumar (Expert)
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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??

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
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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.

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