Direction-finding compasses are essential tools for navigators and pilots to determine the direction of their aircraft or vessel. These compasses are also used in mobile and satellite communication systems, and in the military for reconnaissance and surveillance purposes. In this article, we'll discuss the GST rates and HSN code for direction-finding compasses.
HSN code or Harmonized System of Nomenclature is a system of classifying goods based on their nature, functionality, and use. The HSN code is an internationally accepted system of classification developed by the World Customs Organization (WCO). In India, the HSN code is used for the classification of goods for taxation purposes under the Goods and Services Tax (GST) system.
GST or Goods and Services Tax is a comprehensive indirect tax levied on the supply of goods and services in India. The GST system was introduced on 1st July 2017, replacing various indirect taxes like VAT, excise duty, service tax, etc.
Direction-finding compasses fall under the category of "optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus, parts and accessories thereof" under the HSN code 9014.
The GST rate for direction-finding compasses is 18%, which includes the IGST (Integrated GST), CGST (Central GST), and SGST (State GST). The GST rate for direction-finding compasses has remained constant since the introduction of the GST system in 2017.
It is essential to note that the GST rate for direction-finding compasses may vary based on the type of instrument, the materials used, and the type of usage. The GST rates may also change based on the government's regulations and policies.
The HSN code for direction-finding compasses is 9014. The HSN code is used for the classification of goods and the determination of GST rates. The HSN code for direction-finding compasses falls under the category of measuring, checking, and precision instruments and apparatus, parts and accessories thereof.
Direction-finding compasses are essential tools that are used in various industries like aviation, navigation, and communication systems. The HSN code and GST rates for direction-finding compasses are 9014 and 18%, respectively. It is crucial to keep in mind that the GST rates and HSN code for direction-finding compasses may change based on government regulations and policies. We hope this article has been informative and helpful.
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