GST Rate HSN Code for (Waste and Scrap) Paper or Paperboard - Chapter48

As a small or medium business owner or startup founder in India, understanding the GST rate and HSN code for waste and scrap paper or paperboard is crucial for proper tax compliance. In this article, we will provide an in-depth overview of Chapter 48 of the GST rates and HSN codes and what it means for businesses dealing with waste and scrap paper or paperboard.

Overview of Chapter 48

Chapter 48 of the GST rates and HSN codes pertains to paper and paperboard, including waste and scrap paper. This chapter covers a wide range of products, including newsprint, printing paper, and kraft paper. For businesses dealing with waste and scrap paper or paperboard, it is important to understand the GST rates and HSN codes applicable to their products.

GST Rates for Waste and Scrap Paper or Paperboard

The GST rate for waste and scrap paper or paperboard is 12%. This rate is applicable to all types of waste and scrap paper or paperboard, including those that have been sorted or graded. Therefore, businesses dealing with waste and scrap paper or paperboard must charge a GST rate of 12% on their products.

HSN Code for Waste and Scrap Paper or Paperboard

The HSN code for waste and scrap paper or paperboard is 4707. This code is applicable to all types of waste and scrap paper or paperboard, including those that have been sorted or graded. Therefore, businesses dealing with waste and scrap paper or paperboard must use HSN code 4707 on their invoices and other tax documents to ensure proper tax compliance.

Exemptions and Concessions

Businesses dealing with waste and scrap paper or paperboard may be eligible for certain exemptions or concessions under the GST regime. For example, if a business is engaged in the manufacture of paper or paperboard from waste or scrap paper, it may be eligible for a concessional GST rate of 6%. Similarly, businesses engaged in the recovery of waste or scrap paper may also be eligible for certain exemptions or concessions.

Conclusion

As a small or medium business owner or startup founder in India, understanding the GST rate and HSN code for waste and scrap paper or paperboard is crucial for proper tax compliance. Chapter 48 of the GST rates and HSN codes provides a comprehensive overview of the tax rates and codes applicable to paper and paperboard, including waste and scrap paper. By understanding these rates and codes, businesses dealing with waste and scrap paper or paperboard can ensure proper tax compliance and avoid penalties.