Clock or watch glasses are an essential part of any timepiece. Whether you are a watchmaker or a clockmaker, you need glasses to protect the face of the clock or watch. In India, the GST rates and HSN code for clock or watch glasses have been revised recently. Here, we will discuss these rates and codes in detail.
Before we delve into the GST rates, let us first understand what GST is. GST or Goods and Services Tax is an indirect tax that has replaced several other indirect taxes in India. It is a single tax on the supply of goods and services. GST is levied at every stage of the supply chain, from manufacturing to the final sale of the product.
The GST rates for clock or watch glasses in India are 18%. This means that if you are a manufacturer or a seller of these glasses, you will have to pay 18% GST on the sale of these products. However, if you are a consumer, you will not have to pay any GST on the purchase of clock or watch glasses.
HSN or Harmonized System of Nomenclature code is a system of classification used to identify goods in trade. It is a globally accepted system that helps in the uniform classification of goods. The HSN code for clock or watch glasses in India is 7015.
This code is used by manufacturers and sellers of clock or watch glasses to identify their products. It is also used by customs officials to determine the rate of duty on imported goods. If you are a manufacturer or a seller of clock or watch glasses, it is important to know the HSN code for your product.
In conclusion, the GST rates and HSN code for clock or watch glasses in India are 18% and 7015, respectively. As a manufacturer or a seller of these products, it is important to be aware of these rates and codes. It will help you in calculating the tax liability and in complying with the GST regulations.
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