When it comes to the Goods and Services Tax (GST) in India, there are a lot of different rates and codes to keep track of. One specific category that can be confusing for small and medium business owners and startup founders is Chapter 97, which covers works of art, collectors' pieces, and antiques. Here's what you need to know:
The GST rate for works of art, collectors' pieces, and antiques is 12%. This rate applies to all items within Chapter 97, regardless of their specific HSN code. It's important to note that this rate is subject to change, so it's always a good idea to double-check the current GST rates before making any financial decisions.
Each item within Chapter 97 also has its own unique HSN code. Here are a few examples:
1. 9701 - Paintings, drawings and pastels, executed entirely by hand, other than drawings of heading 4906 and other than hand-painted or hand-decorated manufactured articles; collages and similar decorative plaques
2. 9702 - Original engravings, prints and lithographs
3. 9703 - Original sculptures and statuary, in any material
4. 9704 - Postage or revenue stamps, stamp-postmarks, first-day covers, postal stationery (stamped paper), and the like, used or unused, other than those of heading 4907
It's important to note that while the HSN code can give you a general idea of what category an item falls under, it's not always a perfect match. It's always a good idea to double-check the specific HSN code for your items before filing your GST returns.
Understanding the GST rates and HSN codes for works of art, collectors' pieces, and antiques in Chapter 97 can be confusing, but it's an important part of staying compliant with Indian tax laws. By keeping track of these rates and codes, you can make sure that your business is operating legally and avoid any potential fines or penalties.
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