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HSN Code - 27101980 : Other (LUBRICATING OIL)
Harmonised System of Nomenclature (HSN Codes) 27101980 are used for the LUBRICATING OIL products under Goods and Service Tax classification.
India was originally using 6 digit HSN codes to classify commodities but later two more digits were added to make the codes more precise, resulting in an 8 digit classification.
Understanding HSN Code 27101980
First two digits (27) represent the chapter number which is Chapter 27 - Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes.
Next two digits (10) represent the heading number which is PETROLEUM OILS AND OILS OBTAINED FROM BITUMINOUS MINERALS (OTHER THAN CRUDE) AND PREPARATIONS NOT ELSEWHERE SPECIFIED OR INCLUDED, CONTAINING BY WEIGHT 70% OR MORE OF PETROLEUM OILS OR OF OILS OBTAINED FROM BITUMINOUS MINERALS, THESE OILS BEING THE BASIC CONSTITUENTS OF THE PREPARATIONS OTHER THAN THOSE CONTAINING BIODIESEL AND OTHER THAN WASTE OILS
Next two digits (19) represent the product code which is Other
Last two digits (80) are for final or deeper classification which is LUBRICATING OIL
All 8 digits of HSN code is mandatory for export & imports for tax invoice of GST.
FAQs on HSN Code 27101980
What is HSN Code 27101980 used for?
HSN Code 27101980 is used to classify goods under GST for invoicing, taxation, import, and export. Businesses use this code to correctly identify products while filing GST returns and trade documents.
Is HSN Code 27101980 mandatory for GST invoices?
Yes. HSN codes are mandatory on GST invoices for most businesses, especially for B2B transactions, exports, and imports. The level of digits required depends on turnover and transaction type.
What is the GST rate for HSN Code 27101980?
The GST rate for HSN Code 27101980 depends on the product specification and the latest GST notifications. Businesses should verify the applicable rate from CBIC notifications or consult a tax professional before invoicing.
What is the import or export policy for HSN Code 27101980?
As per current trade policy, HSN Code 27101980 falls under "Free" category. Import or export may be subject to specific conditions or approvals.
What is the difference between HSN Code and SAC Code?
HSN codes are used for goods or products, while SAC codes are used for services. Businesses dealing in both goods and services must use the correct code type for GST compliance.