970500
Collections and collectors' pieces of zoological, botanical, mineralogical, anatomical, historical, archaeological, palaeontological, ethnographic or numismatic interest
Tax Calculator for 970500
E-Way Bill Rules
For collections and collectors' pieces of zoological, botanical, mineralogical, anatomical, historical, archaeological, palaeontological, ethnographic or numismatic interest, the E-Way Bill threshold is ₹50,000. Since the rate is 12%, you must generate a bill if the Taxable Value exceeds ₹44,642.
Example Calculation
- Base Value: ₹44,642
- + GST (12%): ₹5,357.04
- 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 970500 falls under Chapter 97. 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 (9705) is sufficient for B2B invoices.
Ensure that you charge 6% CGST and 6% SGST for intra-state supplies of collections and collectors' pieces of zoological, botanical, mineralogical, anatomical, historical, archaeological, palaeontological, ethnographic or numismatic interest. For inter-state supplies, the full 12% IGST applies.
Frequently Asked Questions
Q: What is the GST Rate for HSN Code 970500?
The GST rate for HSN Code 970500 (Collections and collectors' pieces of zoological, botanical, mineralogical, anatomical, historical, archaeological, palaeontological, ethnographic or numismatic interest) is 12%.
Q: Is HSN 970500 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 Collections and collectors' pieces of zoological, botanical, mineralogical, anatomical, historical, archaeological, palaeontological, ethnographic or numismatic interest?
Multiply the taxable value by 0.12. For ₹1000 value, GST is ₹120.
Q: Does Reverse Charge (RCM) apply?
No, standard Forward Charge applies.