GST Rate HSN Code for Textiles And Textile Articles

GST RATES HSN CODES The textile industry is an essential part of the Indian economy, and it has a significant contribution to the country's GDP. The implementation of GST has brought about many changes in the taxation system, which has affected the textile and textile articles industry as well. In this article, we will discuss the GST rate and HSN code for textiles and textile articles under chapter 50.Before we dive into the details, let us first understand what HSN code and GST rate are. HSN CodeHSN stands for Harmonized System of Nomenclature, which is a six-digit code that is used to identify goods all over the world. This code is used to classify goods in a systematic and uniform manner for customs and taxation purposes. The HSN code for textiles and textile articles under chapter 50 is 50.GST Rate GST rate is the percentage of tax that is levied on goods and services as per the Goods and Services Tax Act. The GST rate for textiles and textile articles under chapter 50 is 5%.Now let's take a look at the HSN code and GST rate for different types of textiles and textile articles.

1. Cotton

Cotton is one of the most widely used natural fibers, and it is used to make a variety of textiles and textile articles. The HSN code for cotton under chapter 50 is 5201. The GST rate for cotton is 5%.

2. Silk

Silk is a luxury fabric that is used to make high-end textiles and textile articles. The HSN code for silk under chapter 50 is 5007. The GST rate for silk is 5%.

3. Wool

Wool is a natural fiber that is used to make a variety of textiles and textile articles. The HSN code for wool under chapter 50 is 5101. The GST rate for wool is 5%.

4. Jute

Jute is a natural fiber that is primarily used to make rope, twine, and other coarse-textured textiles. The HSN code for jute under chapter 50 is 5303. The GST rate for jute is 5%.

5. Synthetic fibers

Synthetic fibers are man-made fibers that are used to make a variety of textiles and textile articles. The HSN code for synthetic fibers under chapter 50 is 5402. The GST rate for synthetic fibers is 5%.

conclusion

In conclusion, the textile and textile articles industry has been affected by the implementation of GST. However, by understanding the HSN code and GST rate for different types of textiles and textile articles, the industry can continue to thrive in the new taxation system.The article discusses the GST rate and HSN code for textiles and textile articles under chapter 50. The HSN code for different types of textiles such as cotton, silk, wool, jute, and synthetic fibers is mentioned along with the GST rate.Business/TaxationGST for Textiles and Textile Articles