Artificial Filament Tow is a synthetic material used for various applications in the textile industry. It is made of a combination of polyester, nylon, and other synthetic fibers. In this article, we will discuss the GST rates and HSN code for Artificial Filament Tow.
GST stands for Goods and Services Tax. It is an indirect tax that replaced all other taxes levied by the central and state governments. GST is applicable to all businesses dealing with the sale and supply of goods and services. It is a uniform tax that is levied on the value of goods and services sold or supplied. GST has simplified the taxation process and has helped in reducing the burden of tax compliance for businesses.
HSN stands for Harmonized System of Nomenclature. It is a system of classifying goods and services for taxation purposes. HSN codes are used to classify goods and services for the purpose of levying GST. HSN codes are a combination of digits that represent the nature of the goods or services being classified.
The GST rates for Artificial Filament Tow are as follows:
1. 5% GST on Artificial Filament Tow
As per the GST Act, all synthetic filament yarns, including Artificial Filament Tow, are classified under HSN code 5502.
In conclusion, Artificial Filament Tow is an important material used in the textile industry. The GST rates for Artificial Filament Tow are 5%. The HSN code for Artificial Filament Tow is 5502.
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