India introduced the Goods and Services Tax (GST) in 2017 as a comprehensive indirect tax on the supply of goods and services. GST is applicable to all businesses in India, including small and medium business owners and startup founders. GST replaced multiple indirect taxes like excise duty, service tax, and value-added tax (VAT), streamlining the tax system in India.
Quartz is a mineral that is widely used in various industries, including the construction, electronics, and automotive industries. It is classified under Chapter 25 of the GST tax regime, which deals with salt, sulfur, earths, and stone, plastering materials, lime, and cement. Quartz falls under subheading 2506, which covers quartzite and other monumental or building stone.
The GST rates for Quartz are as follows:
HSN CodeProduct DescriptionGST Rate2506Quartzite and other monumental or building stone5%
As we can see, the GST rate for Quartz is 5%, which is quite low compared to other items under the GST regime. This lower rate is in line with the government's aim to reduce the tax burden on the construction industry, which heavily relies on Quartz as a raw material.
The Harmonized System of Nomenclature (HSN) code is a unique code assigned to every product and service under the GST regime. It is used to classify goods and services for GST filing and taxation purposes. The HSN code for Quartz is 2506, which falls under Chapter 25 of the GST tax regime.
When filing GST returns, businesses must provide the HSN code for the goods they have supplied. This helps the government to track the movement of goods and services and ensure compliance with the GST tax regime.
In conclusion, Quartz is an essential material used in various industries, and as a business owner dealing with Quartz, it is essential to understand the GST rates and HSN code for Quartz. The GST rate for Quartz is 5%, which is quite low compared to other items under the GST regime, making it easier for businesses to comply with the tax system. The HSN code for Quartz is 2506, and businesses must provide this code when filing GST returns. Understanding the GST tax regime is crucial for small and medium business owners and startup founders in India, and we hope this guide has been helpful in providing information on the GST rates and HSN code for Quartz.
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