As an Indian small and medium business owner or startup founder, you need to stay updated on the latest GST rates and HSN codes. In this article, we’ll be discussing Floor Coverings Plastics, its GST rates, and HSN code.
First things first, let’s define what we mean by Floor Coverings Plastics. Floor Coverings Plastics are plastic materials used to cover floors in both residential and commercial buildings. They come in various types such as PVC, carpet tiles, and vinyl flooring, among others.
GST or Goods and Services Tax is an indirect tax levied on the supply of goods and services in India. It was implemented on 1st July 2017, and it replaced multiple indirect taxes such as Value Added Tax (VAT), Service Tax, and Central Excise Duty, among others. The GST structure has four tax slabs: 5%, 12%, 18%, and 28%.
HSN or Harmonized System of Nomenclature is a six-digit code used to classify goods and services under GST. It is a global system used to standardize the classification of goods and services for international trade. The HSN code for Floor Coverings Plastics is 3918.
The GST rates for Floor Coverings Plastics depend on their type. Here’s a breakdown of the GST rates for each type of Floor Coverings Plastics:
1. PVC Flooring – 18%
2. Carpets and other textile floor coverings – 5%
3. Vinyl Flooring – 18%
4. Other Floor Coverings Plastics – 18%
It is essential to keep yourself updated on the latest GST rates and HSN codes for your business. We hope this article has provided you with all the information you need to know about the GST rates and HSN code for Floor Coverings Plastics.
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