Asphalt is an important material used in the construction industry. It is a black, sticky substance that is used to create roads, driveways, and other structures. The GST rates and HSN code for asphalt are important to know for small and medium business owners and startup founders. In this article, we will take a closer look at the GST rates and HSN code for asphalt.
GST stands for Goods and Services Tax. It is a tax that is levied on the supply of goods and services in India. GST is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. It is one of the biggest tax reforms in India and has replaced many indirect taxes that were levied earlier.
HSN stands for Harmonized System of Nomenclature. It is a system of classifying goods for trade purposes. The HSN code is a six-digit code that is used to classify goods for tax purposes. It is used all over the world and helps in identifying the products in the international market.
The GST rate for asphalt is 18%. This rate is applicable to all types of asphalt, including asphaltic concrete, asphaltic emulsion, and other forms of asphalt. GST is calculated on the value of the goods, which includes the cost of the product, transportation charges, and other charges like packing charges and insurance charges.
The HSN code for asphalt is 6807. This code is used to classify all types of asphalt, including natural asphalt, asphaltic rock, asphaltic shale, asphaltic sand, asphaltic bitumen, and other forms of asphalt. This six-digit code is used by all businesses in India that deal with asphalt products.
Knowing the GST rates and HSN code for asphalt is important for small and medium business owners and startup founders in India. The GST rate for asphalt is 18%, and the HSN code for asphalt is 6807. These codes are used for tax purposes and help in identifying the products in the international market. By understanding these codes, business owners can ensure that they are paying the right amount of taxes and are in compliance with the law.