GST imposed rate on Lubricating preparations business
What is the present GST rate tariff on Lubricating preparations? How much GST tax payable on Lubricating preparations? Present Indian GST charges on Lubricating preparations?
The below information details about GST levied rate on Lubricating preparations
The rate of GST on Lubricating preparations (including cutting-oil preparations, bolt or nut release preparations, anti-rust or anti-corrosion preparations and mould release preparations, based on lubricants) and preparations of a kind used on the oil or grease treatment of textile materials, leather, foreskins or other materials, but excluding preparations containing, as basic constituents, 70% or more by weight of petroleum oils or of oils obtained from bituminous minerals fixed by GST council at the introduction of GST in July, 2017 is 28%
Lubricating preparations (including cutting-oil preparations, bolt or nut release preparations, anti-rust or anti-corrosion preparations and mould release preparations, based on lubricants) and preparations of a kind used on the oil or grease treatment of textile materials, leather, foreskins or other materials, but excluding preparations containing, as basic constituents, 70% or more by weight of petroleum oils or of oils obtained from bituminous minerals falls under GST HSN code number 3403
The GST Council has broadly approved the GST rates for goods at nil rate, 5%, 12%, 18% and 28% to be levied on certain goods. Commonly used Goods and Services at 5%, Standard Goods and Services fall under 1st slab at 12%, Standard Goods and Services fall under 2nd Slab at 18% and Special category of Goods and Services including luxury - 28%. The most essential goods and services attract nil rate of GST under Exempted Categories. Luxury goods and services and certain specific goods and services attract additional cess than 28% GST.
This details about GST rate tariff on Lubricating preparations is only for information. The validity of above information and amendments about GST rate on Lubricating preparations may be verified before any business dealing.
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