Determine the accurate HSN code and GST rate for ships, boats, and floating structures to ensure tax compliance. Stay updated with the latest tax regulations for this category.
Introduction to HSN Code
The Harmonized System Code (HSN) is an international standardized system of nomenclature for the classification of traded products. It was developed by the World Customs Organization (WCO) and is used by over 200 countries and territories. The HSN code is a six-digit number that is assigned to each product. The first two digits identify the chapter, the next two digits identify the heading, and the last two digits identify the subheading.
The HSN code is used for a variety of purposes, including:
- Identifying products for customs purposes
- Determining the applicable import duty or tax rate
- Tracking trade statistics
HSN code description
The HSN code for ships, boats, and floating structures is Chapter 89. This chapter includes a variety of vessels, such as cruise ships, cargo ships, fishing vessels, and pleasure boats. The chapter also includes floating docks, lifeboats, and other floating equipment.
GST Rate
The Goods and Services Tax (GST) is a multi-stage, comprehensive tax levied on the supply of goods and services in India. The GST rate for ships, boats, and floating structures is 5%.
Here is a table of the HSN codes and GST rates for ships, boats, and floating structures:
|
HSN Code |
Description |
GST Rate |
| 8901 | Cruise ships, excursion boats, ferry-boats, cargo ships, barges, and similar vessels for the transport of persons or goods | 5% |
| 8902 | Inflatable boats and other inflatable articles | 18% |
| 8903 | Yachts and other vessels for pleasure or sport | 28% |
| 8904 | Floating docks | 18% |
| 8905 | Lifeboats and other rescue appliances and lifesaving equipment | 12% |
| 8906 | Ships’ or boats’ propellers and impellers | 12% |
| 8907 | Ships’ or boats’ rudders and steering gear | 12% |
| 8908 | Ships’ and boats’ winches and capstans | 12% |
| 8909 | Tugs and pusher craft | 12% |
| 8910 | Light vessels, fire floats, dredgers, floating cranes, and other floating workboats | 12% |
Please note that the GST rate is subject to change. It is always best to consult with our tax advisor to ensure that you are paying the correct GST rate. Get in touch with our expert today!
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