As an Indian SME or startup owner, you need to be aware of the Goods and Services Tax (GST) rates and Harmonized System of Nomenclature (HSN) codes for every product or service you offer. In this article, we will cover everything you need to know about GST rates and HSN code for moulding boxes, a commonly used item in manufacturing and packaging industries.
As per the GST council, moulding boxes fall under the HSN code 8480 and attract a GST rate of 18%. This means that if you manufacture or sell moulding boxes, you will have to add 18% GST on top of the selling price. This rate is applicable for both wooden and non-wooden moulding boxes.
It is essential to note that GST rates for moulding boxes may vary depending on the type of product and its use. For example, if the moulding boxes are used for packing fruits, vegetables, or other perishable items, the GST rate may be different. Therefore, it is always recommended to consult with your tax consultant or check the GST council website for the latest GST rates for your products.
HSN code is a 6-digit uniform code that classifies goods worldwide. In India, it is used to identify goods for taxation purposes. The HSN code for moulding boxes is 8480.
It is essential to mention the correct HSN code while filing GST returns. Incorrect HSN code may lead to penalties and legal issues. Therefore, it is always recommended to double-check the HSN code for your products.
GST rates and HSN codes play a crucial role in taxation compliance for Indian SMEs and startup owners. Moulding boxes fall under the HSN code 8480 and attract a GST rate of 18%. It is always recommended to consult with your tax consultant or check the GST council website for the latest GST rates for your products. Additionally, it is essential to mention the correct HSN code while filing GST returns to avoid penalties and legal issues.
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