Clocks Watch Movements - GST Rates & HSN Code 9103

Clocks with watch movements are an essential part of our daily lives. These clocks are available in different designs, shapes, and sizes, and can be used in various settings, including homes, offices, schools, and hospitals. However, as a business owner or startup founder, it is essential to know the GST rates and HSN code for clocks with watch movements.

HSN code 9103 covers all clocks, including alarm clocks, wall clocks, and other clocks with watch movements. This code is used to classify clocks with watch movements under the GST regime. The GST rates for clocks with watch movements vary based on their value and other factors.

GST Rates for Clocks with Watch Movements

Before we dive into the GST rates for clocks with watch movements, it's essential to understand the different types of GST:

CGST (Central Goods and Services Tax)
SGST (State Goods and Services Tax)
IGST (Integrated Goods and Services Tax)

The GST rates for clocks with watch movements are as follows:

Product Value (in INR)CGST Rate SGST Rate IGST Rate Up to INR 10002.5%2.5%5%INR 1001 to INR 25006%6%12%INR 2501 to INR 50009%9%18%More than INR 500014%14%28%

It's important to note that if the clocks with watch movements are imported, the IGST rate will be applicable. Additionally, if you are a small business owner or startup founder with an annual turnover of up to INR 20 lakhs, you are exempt from paying GST.

HSN Code for Clocks with Watch Movements

As mentioned earlier, HSN code 9103 covers all clocks with watch movements. The code is further classified into sub-headings based on the type of clock:

9103 10 - Alarm clocks
9103 20 - Wall clocks (including clocks with quartz movements)
9103 90 - Other clocks (including clocks with quartz movements)

It's essential to use the correct HSN code when filing your GST returns, as it helps streamline the process and ensures that you comply with the GST rules and regulations.

Conclusion

In conclusion, understanding the GST rates and HSN code for clocks with watch movements is essential if you are a small business owner or startup founder in India. It helps ensure that you comply with the GST rules and regulations and avoid any penalties or fines. If you have any questions or concerns, it's always best to consult a tax expert or accountant.