If you are a small or medium business owner or a startup founder in India who deals with the manufacturing or trading of chemicals, then understanding and complying with the Goods and Services Tax (GST) rates and HSN code is crucial. This article will specifically discuss the GST rates and HSN code for Amino-Resins, Phenolic Resins and Polyurethanes.
Before we dive into the specific rates for these chemicals, let's first understand the GST system in India. The GST is a comprehensive indirect tax that is levied on the supply of goods and services in India. It has replaced multiple taxes like excise duty, service tax, and value-added tax (VAT).
The GST rates for Amino-Resins, Phenolic Resins, and Polyurethanes fall under the 18% tax bracket. This means that if you are dealing with any of these chemicals, you will have to pay 18% of the value of the transaction as GST.
The Harmonized System of Nomenclature, or HSN, is a globally recognized system for classifying goods. In India, it is used for the purpose of classifying goods for taxation. Each good is assigned a unique HSN code based on its nature, composition, and use. The HSN code for Amino-Resins, Phenolic Resins, and Polyurethanes is 3909.
Let's break down the HSN code for Amino-Resins, Phenolic Resins, and Polyurethanes:
1. 39: Plastics and articles thereof
2. 09: Polymers of ethylene, in primary forms; polymers of propylene or other olefins, in primary forms
As you can see, the HSN code for Amino-Resins, Phenolic Resins, and Polyurethanes falls under the category of "Plastics and articles thereof". It is further classified under "Polymers of ethylene, in primary forms; polymers of propylene or other olefins, in primary forms".
Understanding and complying with the GST rates and HSN code is essential for any business dealing with chemicals in India. If you are dealing with Amino-Resins, Phenolic Resins, and Polyurethanes, then the GST rate is 18%, and the HSN code is 3909. Make sure to keep these numbers in mind while invoicing and filing taxes.
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