Artificial Monofilament is a type of filament made from synthetic materials like nylon, polyester or polypropylene. It is used in a variety of industries such as fishing, agriculture, and textiles. In this article, we will discuss the GST rates and HSN code for Artificial Monofilament.
GST stands for Goods and Services Tax. It is a tax levied on the supply of goods and services in India. GST has replaced many indirect taxes that were earlier levied by the Central and State governments, such as Value Added Tax (VAT), Service Tax, and Excise Duty.
HSN stands for Harmonized System of Nomenclature. It is an internationally accepted system of naming and classifying goods. HSN code is a six-digit code that helps in identifying the goods and services in a standardized manner. The HSN code is used for tax purposes, such as determining the GST rates for a particular product or service.
The GST rates and HSN code for Artificial Monofilament are as follows:
From the above table, we can see that the HSN code for Artificial Monofilament is 5405. The GST rate for Artificial Monofilament is 18%.
In conclusion, Artificial Monofilament is a versatile product that finds its applications in various industries. The GST rates and HSN codes for Artificial Monofilament are important to determine the tax liability on the supply of this product. Business owners and startup founders dealing with Artificial Monofilament should be aware of these rates and codes to comply with the tax regulations in India.
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