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Published on:
February 25, 2023
By
Prerna

Artificial Filament Yarn- GST Rates & HSN Code 5403

As a small or medium business owner in India, understanding GST rates and HSN codes is essential to stay compliant and avoid unnecessary penalties. If you deal with Artificial Filament Yarn, it's important to know the GST rates and HSN code for this product category. In this article, we'll cover everything you need to know.

What is Artificial Filament Yarn?

Artificial Filament Yarn is a type of synthetic yarn that is made by extruding filaments of a polymer through a spinneret and then twisting and winding them into yarn. It is commonly used in the textile industry to make fabrics, garments, and other products.

GST Rates for Artificial Filament Yarn

The GST rates for Artificial Filament Yarn vary depending on the type of yarn and the applicable HSN code. The current GST rates for Artificial Filament Yarn are as follows:

1. 18% for all types of Artificial Filament Yarn with an HSN code of 5403.

HSN Code for Artificial Filament Yarn

The HSN code for Artificial Filament Yarn is 5403. This code is used to classify Artificial Filament Yarn under the GST regime and is required for compliance purposes.

How to Determine the Applicable GST Rate and HSN Code for Artificial Filament Yarn?

If you're not sure about the applicable GST rate and HSN code for the Artificial Filament Yarn you deal with, you can follow these steps:

1. Identify the type of Artificial Filament Yarn you're dealing with.

2. Refer to the GST rate schedule and cross-check the HSN code for that type of Artificial Filament Yarn.

Conclusion

As a small or medium business owner in India, complying with GST regulations is crucial to avoid penalties and maintain a healthy business. By understanding the GST rates and HSN codes for Artificial Filament Yarn, you can ensure that your business remains compliant and avoids any unnecessary hassle. Make sure to keep yourself updated with any changes to the GST rates and HSN codes to stay compliant.

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Updated on:
March 16, 2024