As a small or medium business owner or startup founder in India, it is important to understand the GST rates and HSN codes for the products you deal with. In this article, we will discuss the GST rates and HSN code for fishing rods, which is classified under Chapter 95 of the GST Tariff.
The GST rate for fishing rods is 12%. This rate is applicable to all types of fishing rods, including fly rods, spinning rods, casting rods, and trolling rods. Whether you import or manufacture fishing rods, you will have to pay a GST of 12% on the transaction value of the product.
It is important to note that GST rates for fishing rods may vary depending on the type of rod and its intended use. For example, if the fishing rod is designed to be used in deep sea fishing, the GST rate may be higher than 12%.
The HSN code for fishing rods is 9507. This code is used to classify fishing rods under Chapter 95 of the GST Tariff. The HSN code for fishing rods is the same for all types of rods, whether they are made of bamboo, graphite, fiberglass, or any other material.
When you are filing your GST returns, you will need to include the HSN code for the fishing rods you have sold or imported. This will help the GST authorities to accurately calculate the amount of GST you owe.
Understanding the GST rates and HSN code for fishing rods is important for all small and medium business owners and startup founders who deal with this product. The GST rate for fishing rods is 12%, and the HSN code for fishing rods is 9507. By including the correct HSN code in your GST returns, you can avoid any penalties or fines from the GST authorities.
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