What products are classified under HSN 1507
It includes Soybean oil & fractions
HSN Sub Chapter 1507 represents Soybean oil & fractions under GST classification. This code helps businesses identify Soybean oil & fractions correctly for billing, taxation, and trade. With HSN Sub Chapter 1507, companies can avoid errors in invoices, simplify compliance, and enable hassle-free import/export of Soybean oil & fractions.
GST Rate for Soybean oil & fractions under HSN Code 1507. Understand Current Tax Rates, Exemptions, and Legal Classifications to Ensure Accurate Billing and GST Filing.
| Chapter No | HSN Code | HSN Description | New GST Rate | Old GST Rate |
|---|---|---|---|---|
| 15 | 1507 | therefrom (including lanolin) | 5% | 5% |
Following Tariff HSN code falls under Soybean oil & fractions:
| Tariff HSN | Description |
|---|---|
| Crude oil, whether or not degummed | |
| Other : Edible grade | |
| Other : Other |
Crude oil, whether or not degummed
Other : Edible grade
Other : Other
| Order Number | Description |
|---|---|
| M/S. S.K. Aagrotechh (AAAR (Appellate Authority For Advance Ruling), Karnataka) |
M/S. S.K. Aagrotechh (AAAR (Appellate Authority For Advance Ruling), Karnataka)
It includes Soybean oil & fractions
The composition scheme is optional for eligible small suppliers of goods. You cannot issue tax invoices or collect tax under composition. Check turnover limits and exclusions; evaluate margins and ITC loss before opting in.
Include HSN, exact description, pack size/grade, quantity, and if pre‑packaged & labelled. Maintain purchase specs, test reports (where relevant), and job‑work challans for audit trail.
Reverse charge in goods is notified only for specific categories. Most regular B2B sales of Soybean oil & fractions are forward charge. Check the current notifications for any special cases before deciding.
Repair/service is a service supply (SAC). Parts and materials used are goods and may be billed separately with HSN. Mention both lines clearly to avoid mixing service and goods values.
Ensure registration requirements are met and reconcile the operator’s TCS statements with your GSTR‑2B/3B. Map SKU descriptions to HSN to reduce mismatches and returns.
The above does not constitute professional advice or a formal recommendation. We recommend consulting a professional tax consultant before acting on the information contained in this piece of content.