Gaskets are an essential component for machinery and equipment across various industries. They are used to prevent leakage and ensure smooth functioning of machines. As per the GST regime, gaskets are classified under the HSN code 8484 and are subject to GST rates based on their material composition and usage.
The GST rates for gaskets vary based on their material composition and usage. The rates are as follows:
1. Gaskets made of rubber, plastic or nylon attract a GST rate of 18%
2. Gaskets made of metal attract a GST rate of 12%
3. Gaskets used in automobile engines, gearboxes, and other machinery attract a GST rate of 28%
Gaskets are classified under the HSN code 8484 which pertains to gaskets, washers, and other seals of all materials.
Small and medium business owners and startup founders who deal with gaskets must ensure compliance with the GST regime. This includes registering for GST, filing returns, maintaining records, and adhering to the GST rates and HSN code for gaskets. Failure to comply with GST regulations can result in penalties and legal action.
Gaskets are an important component for machinery and equipment across various industries. As per the GST regime, gaskets are classified under the HSN code 8484 and are subject to GST rates based on their material composition and usage. Small and medium business owners and startup founders who deal with gaskets must ensure compliance with the GST regulations to avoid penalties and legal action.
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