The Goods and Services Tax (GST) is a comprehensive tax levy on the supply of goods and services throughout India. GST subsumes all indirect taxes like excise duty, VAT, and service tax, resulting in a unified tax structure. GST rates are categorized under different tax slabs, namely 0%, 5%, 12%, 18%, and 28%, and the GST rates are determined based on the HSN codes of the goods and services.
Chapter 43 of the GST HSN code pertains to furskins and artificial fur, including the manufacture thereof, and is classified under the 18% GST tax slab. This chapter covers products made from mammalian fur, including rabbit, beaver, muskrat, and other similar animals. The chapter also includes products made from artificial fur, including those made from synthetic materials or natural materials that look like fur.
As mentioned earlier, the GST rate for furskins and artificial fur; manufactures thereof - Chapter 43 is 18%. This rate is applicable on all products that fall under this chapter, including bags, clothing, and accessories made from fur and artificial fur.
The HSN code for furskins and artificial fur; manufactures thereof - Chapter 43 is 4301 to 4304. The HSN codes are used to classify goods and services for taxation purposes. They are six-digit codes that are recognized globally. The HSN code for furskins and artificial fur; manufactures thereof - Chapter 43 covers products made from fur, artificial fur, or a combination of both.
The GST rate and HSN code for furskins and artificial fur; manufactures thereof - Chapter 43 are crucial for businesses involved in the manufacture and sale of fur products. The 18% tax rate and the HSN code 4301 to 4304 should be kept in mind while filing GST returns and calculating taxes. Failure to do so may lead to penalties and legal issues.
ANTIQUES - GST RATES HSN CODE 9706
Best Judgement Assessment under GST
Goods Sent on Approval Basis before Transition to GST