Dolls have been a part of our childhood memories for generations, and continue to be a popular toy among children and collectors alike. However, when it comes to the taxation of dolls, it is important to understand the GST rates and HSN code associated with these toys.
As of 2021, the GST rate for dolls is 12%. This rate applies to all types of dolls, including rag dolls, plastic dolls, and porcelain dolls. Whether you are purchasing a Barbie doll or a handmade cloth doll, the GST rate remains the same.
The Harmonized System of Nomenclature (HSN) is a standardized system of codes used to classify goods for taxation purposes. When it comes to dolls, the HSN code is 9502.
Under this code, dolls are classified into several categories, including:
It is important to note that the HSN code for dolls applies to both imported and domestically produced dolls. Additionally, any accessories or parts for dolls fall under the same code.
Understanding the GST rates and HSN code for dolls is important for several reasons. For one, it helps ensure compliance with tax laws and regulations. By knowing the correct codes and rates, you can accurately calculate the amount of tax owed on your doll purchases.
In addition, knowing the GST rates and HSN code for dolls can help you make informed decisions when it comes to buying and selling dolls. If you are a small business owner or startup founder, understanding these codes can help you streamline your operations and ensure that you are complying with tax laws.
Dolls are a beloved toy for many people, and it is important to understand the GST rates and HSN code associated with these items. By knowing the correct codes and rates, you can ensure compliance with tax laws and make informed decisions when it comes to buying and selling dolls.
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