As a small or medium business owner or startup founder in India, understanding the GST rates and HSN code for your products is essential to ensure compliance with the law. If your business deals with glass balls, rods, or tubes, then this article is for you.
GST stands for Goods and Services Tax, a value-added tax system that came into effect in India on July 1, 2017. GST replaced a number of indirect taxes previously levied on goods and services, including VAT, excise duty, and service tax.
GST is a comprehensive tax system that covers all stages of production and distribution, from raw materials to the final product. It aims to create a common market throughout India by removing barriers to trade and reducing transaction costs.
HSN stands for Harmonized System of Nomenclature, a system of classification used to categorize goods for the purpose of taxation. The HSN code is a six-digit code assigned to each product that helps to identify it for the purpose of GST.
1. Glass balls, whether or not hollow
2. Glass rods, unworked, bent, molded, carved, or otherwise worked, but not framed
3. Glass tubes, unworked, bent, molded, carved, or otherwise worked, but not framed
The GST rate for glass balls, rods, or tubes is 18%. This rate applies to all products covered by the HSN code 7002. The 18% rate is the standard rate for most goods and services in India.
However, certain glass products may be subject to lower GST rates. For example, scientific or laboratory glassware is taxed at a reduced rate of 12%. Glassware for table or kitchen use is taxed at a lower rate of 5%.
As a business owner or startup founder dealing with glass balls, rods, or tubes, it's important to understand the GST rates and HSN code for your products. By doing so, you can ensure compliance with the law and avoid penalties for non-compliance.
Remember that the HSN code for glass balls, rods, or tubes is 7002, and the GST rate for these products is 18%. If you have any questions or concerns about your specific products, it's always best to consult with a tax professional.
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