03042040
FISH FILLETS AND OTHER FISH MEAT(WHETHER OR NOT MINCED), FRESH,CHILLED OR FROZEN FROZEN FILLETS TUNA
Tax Calculator for 03042040
E-Way Bill Rules
For fish fillets and other fish meat(whether or not minced), fresh,chilled or frozen frozen fillets tuna, the E-Way Bill threshold is ₹50,000. Since the rate is 0%, you must generate a bill if the Taxable Value exceeds ₹50,000.
Example Calculation
- Base Value: ₹50,000
- + GST (0%): ₹0
- Total Invoice: ~₹50,000
Invoice Example
Breakdown for a sample invoice value of ₹1,000:
Can I claim ITC?
Yes, if used for business. This reduces your final cash liability.
Input Tax Credit (ITC) Logic
Compliance & Validation
HSN 03042040 falls under Chapter 03. It is mandatory to mention this code on invoices if your annual turnover exceeds ₹5 Crore. For turnover below ₹5 Crore, mentioning the 4-digit code (0304) is sufficient for B2B invoices.
Ensure that you charge 0% CGST and 0% SGST for intra-state supplies of fish fillets and other fish meat(whether or not minced), fresh,chilled or frozen frozen fillets tuna. For inter-state supplies, the full 0% IGST applies.
Frequently Asked Questions
Q: What is the GST Rate for HSN Code 03042040?
The GST rate for HSN Code 03042040 (FISH FILLETS AND OTHER FISH MEAT(WHETHER OR NOT MINCED), FRESH,CHILLED OR FROZEN FROZEN FILLETS TUNA) is 0%.
Q: Is HSN 03042040 eligible for Input Tax Credit (ITC)?
ITC availability is classified as 'eligible'. Generally, businesses can claim ITC unless used for personal consumption or blocked under Section 17(5).
Q: How to calculate GST amount for FISH FILLETS AND OTHER FISH MEAT(WHETHER OR NOT MINCED), FRESH,CHILLED OR FROZEN FROZEN FILLETS TUNA?
Multiply the taxable value by 0. For ₹1000 value, GST is ₹0.
Q: Does Reverse Charge (RCM) apply?
No, standard Forward Charge applies.