Glass Fibres - GST Rates and HSN Code 7019

Glass Fibres are used in various industries including construction, automotive, aerospace, and more. Due to its versatile nature, it is important to understand the GST rates and HSN code for Glass Fibres. Here's everything you need to know:

What are Glass Fibres?

Glass Fibres are thin strands of glass that are commonly used in the manufacturing of materials such as reinforced plastics, insulation, and textiles. They are made by drawing molten glass through a small orifice and then rapidly cooling it to create a solidified thread. Glass Fibres are known for their high strength, stiffness, and resistance to heat and corrosion.

GST Rates for Glass Fibres

The GST rates for Glass Fibres fall under the 18% tax bracket. This applies to all types of Glass Fibres, whether they are woven, knitted, or non-woven. The GST rates for Glass Fibres were updated in the 28th GST Council Meeting that was held on July 21, 2018.

HSN Code for Glass Fibres

The HSN Code for Glass Fibres is 7019. This code is specific to Glass Fibres and covers all types of Glass Fibres, including those that are woven, knitted, or non-woven. The HSN Code for Glass Fibres is important for businesses to know as it helps in the classification of products for taxation purposes.

Conclusion

Knowing the GST rates and HSN code for Glass Fibres is important for startups and small business owners in the manufacturing industry. With this information, they can properly classify their products for tax purposes and avoid any potential penalties. It's important to stay up-to-date with any changes in GST rates and HSN codes for Glass Fibres to ensure compliance with tax regulations.