Coconut Abaca, also known as Manila hemp, is a type of fiber extracted from the leaves of the Abaca plant. It is commonly used in the manufacturing of bags, rope, and other textiles. In this article, we will discuss the GST rates and HSN code for Coconut Abaca.
GST, also known as Goods and Services Tax, is an indirect tax levied on the supply of goods and services in India. It was implemented on 1st July 2017 to replace various indirect taxes like VAT, service tax, etc. GST is levied on the value addition at each stage of the supply chain, with the ultimate customer bearing the tax burden.
HSN code, also known as Harmonized System of Nomenclature, is a 6-digit code assigned to a product based on its nature and use. It is used for the classification of goods under GST. HSN code helps in the identification and classification of goods in a systematic and uniform manner.
The GST rates and HSN code for Coconut Abaca are as follows:
As per the above table, the HSN code for Coconut Abaca is 5305, and the GST rate applicable is 5%. The same rate is applicable for raw or processed Coconut Abaca, tow, noils, waste of these fibers, including yarn waste and garnetted stock.
To summarize, GST is an indirect tax levied on the supply of goods and services, and HSN code is a 6-digit code used for the classification of goods under GST. The GST rate applicable for Coconut Abaca is 5%, and the HSN code for the same is 5305. If you have any queries regarding GST rates and HSN code for Coconut Abaca, you can contact your nearest GST department or consult a tax expert.