If you are in the business of manufacturing or trading carpets, it is essential to know the GST rates and HSN code applicable to your products. In this article, we will be discussing the GST rates and HSN code for carpets tufted.
Carpets are a type of textile floor covering made up of an upper layer of pile attached to a backing. Tufted carpet is made by inserting yarn into a backing material, creating a loop or tuft. The tufts are then either left as-is or cut to create a plush, dense surface.
The HSN code for carpets tufted is 5703. The HSN code is a system of classification used by the Government of India to identify goods for taxation purposes. The HSN code for carpets tufted falls under the category of textiles and textile articles.
The GST rates for carpets tufted depend on the type of carpet and its value. The current GST rates for carpets tufted are as follows:
1. 5% GST for carpets tufted costing up to Rs. 1,000 per square meter
2. 12% GST for carpets tufted costing between Rs. 1,000 and Rs. 1,500 per square meter
3. 18% GST for carpets tufted costing more than Rs. 1,500 per square meter
Knowing the HSN code and GST rates for carpets tufted is essential for business owners who manufacture or trade in carpets. Failure to comply with the correct GST rates and HSN code can result in penalties and fines from the government. It is important to keep accurate records and ensure that your goods are classified correctly to avoid any issues with taxation.
Carpets tufted are an essential part of the textile industry in India. Knowing the HSN code and GST rates for carpets tufted is important for business owners to ensure compliance with taxation laws. The HSN code for carpets tufted is 5703, and the GST rates depend on the value of the carpet per square meter.
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