Milk is exempt from Goods and Services Tax in India under HSN code 0401.
Milk is classified under HSN code 0401 for GST purposes. The Harmonized System of Nomenclature (HSN) code is used to classify goods systematically. This code must be mentioned on GST invoices when billing for milk.
Fresh milk has been exempt from GST since its introduction in July 2017. UHT and flavoured milk attracts 5% GST under HSN 0402. Condensed milk attracts 18% GST.
Since milk is exempt from GST, input tax credit is not available on exempt supplies. Businesses dealing exclusively in exempt goods/services cannot claim ITC on their inputs.
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Milk is exempt from GST in India (0% rate). No GST is charged on the supply of milk.
The HSN code for Milk is 0401. HSN (Harmonized System of Nomenclature) codes are used to classify goods under GST. This code should be mentioned on all GST invoices.
Since milk is exempt from GST, no GST needs to be calculated. The selling price is the final price with no additional tax.
No, input tax credit is not available on exempt supplies like milk. Businesses dealing in exempt goods cannot claim ITC on related inputs.
Fresh milk has been exempt from GST since its introduction in July 2017. UHT and flavoured milk attracts 5% GST under HSN 0402. Condensed milk attracts 18% GST.