24012060
TOBACCO FOR MANUFACTURE OF CHEWING TOBACCO
Tax Calculator for 24012060
E-Way Bill Rules
For tobacco for manufacture of chewing tobacco, 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:
Why is RCM Applicable?
Since this is a specific category (likely Transport or Legal), the recipient pays the tax directly.
How Reverse Charge (RCM) Works
Can I claim ITC?
Yes, if used for business. This reduces your final cash liability.
Input Tax Credit (ITC) Logic
Compliance & Validation
HSN 24012060 falls under Chapter 24. 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 (2401) is sufficient for B2B invoices.
Ensure that you charge 0% CGST and 0% SGST for intra-state supplies of tobacco for manufacture of chewing tobacco. For inter-state supplies, the full 0% IGST applies.
Frequently Asked Questions
Q: What is the GST Rate for HSN Code 24012060?
The GST rate for HSN Code 24012060 (TOBACCO FOR MANUFACTURE OF CHEWING TOBACCO) is 0%.
Q: Is HSN 24012060 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 TOBACCO FOR MANUFACTURE OF CHEWING TOBACCO?
Multiply the taxable value by 0. For ₹1000 value, GST is ₹0.
Q: Does Reverse Charge (RCM) apply?
Yes, RCM typically applies if purchased from unregistered suppliers.