Clocks and watches have always been a part of human life. People use them to measure time and organize their lives, but the production and sale of clocks and watches are subject to GST rates and HSN codes. In this article, we will discuss GST rates and HSN codes for clocks and watches and their parts, as specified in Chapter 91.GST Rates for Clocks and Watches and Their Parts The GST rate for clocks and watches and their parts is 18%. For example, if the value of a clock sold is Rs. 100, the GST payable will be Rs. 18. Watch straps, watch bands, and watch bracelets are also subject to 18% GST.
HSN Code for Clocks and Watches and Their Parts HSN code is a code that identifies goods for taxation purposes. The HSN code for clocks and watches and their parts falls under Chapter 91.
This code covers wristwatches, pocket watches, and other watches, including those that are battery-powered, quartz-powered, solar-powered, or mechanical. HSN Code for Clocks. The HSN code for clocks is 91. This code covers all types of clocks, including wall clocks, grandfather clocks, cuckoo clocks, and alarm clocks. The code also includes parts of these clocks, such as clock movements, clock dials, and clock hands. HSN Code for Watch Parts The HSN code for watch parts is 91. This code covers all parts of a watch, from watch movements to watch cases to watch bands. It also includes watch batteries, watch crystals, and watch springs.
Impact of GST Rates and HSN Codes on Small and Medium Business Owners and Startup Founders Small and medium business owners and startup founders who produce and sell clocks and watches and their parts need to be aware of the GST rates and HSN codes to avoid any non-compliance with the tax authorities.The 18% GST rate may increase the cost of production, which can impact the pricing of the product. Business owners and startup founders must factor in the GST rate while setting the price of their product to avoid any losses.
Moreover, HSN codes help businesses to identify the goods for taxation purposes accurately. Business owners and startup founders must use the correct HSN code to avoid any penalty by the tax authorities.
The GST rate and HSN code for clocks and watches and their parts are important for small and medium business owners and startup founders. The 18% GST rate may increase the cost of production and may impact the pricing of the product. Therefore, it is essential to factor in the GST rate while setting the price of the product. Additionally, using the correct HSN code is necessary to avoid any penalty by the tax authorities.
This article discussed GST rates and HSN codes for clocks and watches and their parts, as specified in Chapter 91. The article explained the GST rate for clocks and watches and their parts, the HSN code for watches, clocks, and watch parts, and the impact of GST rates and HSN codes on small and medium business owners and startup founders.
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