998714
Maintenance, repair or overhaul services in respect of ships and other vessels, their engines and other components or parts of ships and other vessels
Tax Calculator for 998714
E-Way Bill Rules
For maintenance, repair or overhaul services in respect of ships and other vessels, their engines and other components or parts of ships and other vessels, the E-Way Bill threshold is ₹50,000. Since the rate is 18%, you must generate a bill if the Taxable Value exceeds ₹42,372.
Example Calculation
- Base Value: ₹42,372
- + GST (18%): ₹7,626.96
- 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 998714 falls under Chapter 99. 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 (9987) is sufficient for B2B invoices.
Ensure that you charge 9% CGST and 9% SGST for intra-state supplies of maintenance, repair or overhaul services in respect of ships and other vessels, their engines and other components or parts of ships and other vessels. For inter-state supplies, the full 18% IGST applies.
Frequently Asked Questions
Q: What is the GST Rate for HSN Code 998714?
The GST rate for HSN Code 998714 (Maintenance, repair or overhaul services in respect of ships and other vessels, their engines and other components or parts of ships and other vessels) is 18%.
Q: Is HSN 998714 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 Maintenance, repair or overhaul services in respect of ships and other vessels, their engines and other components or parts of ships and other vessels?
Multiply the taxable value by 0.18. For ₹1000 value, GST is ₹180.
Q: Does Reverse Charge (RCM) apply?
No, standard Forward Charge applies.
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