Carpets have been used for centuries to add to the aesthetics of a home or office. They are a versatile and durable choice, and their popularity continues to grow. As the demand for carpets increases, it is important to understand the GST rates and HSN code for carpets woven. In this article, we will discuss everything you need to know about the GST rates and HSN code for carpets woven.
HSN stands for Harmonized System of Nomenclature. It is a system of classifying goods based on a code assigned to each product. The HSN code is used to classify goods for taxation purposes, and it is mandatory for businesses to use them when filing their GST returns.
The HSN code for carpets woven is 5702. Carpets and other textile floor coverings, knotted, woven, tufted or felted, whether or not made up, including carpets and other textile floor coverings of felt or nonwovens, are classified under this code.
Under the GST regime, carpets woven are classified under the 5% tax slab. The 5% GST rate is applicable to all types of carpets woven, regardless of the material used or the size of the carpet.
There are a few exceptions to the 5% GST rate for carpets woven. If the carpet is made of silk or wool, the GST rate is 12%. Carpets woven made of jute or coir are exempted from GST. Also, if the carpet is exported, it is exempted from GST.
In conclusion, it is important to know the GST rates and HSN code for carpets woven if you are involved in the carpet business. The HSN code for carpets woven is 5702, and the GST rate is 5%, except for the exceptions mentioned above. Understanding the HSN code and GST rates will help you stay compliant with the tax laws and avoid any penalties.
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