GST Rates and HSN Code for Textile Wicks, Woven

Textile wicks woven are used in the production of candles, oil lamps, and other lighting sources. These wicks are essential in ensuring that the lighting source burns properly and efficiently. However, with the implementation of the Goods and Services Tax (GST) in India, there have been changes in the tax rates and HSN codes for textile wicks woven.

GST Rates for Textile Wicks Woven

The GST rates for textile wicks woven are as follows:

1. If the value of the product is less than Rs. 1,000, the GST rate is 5%.

2. If the value of the product is more than Rs. 1,000, the GST rate is 12%.

It is important to note that these rates are subject to change and it is always recommended to check the government website for the most up-to-date information.

HSN Code for Textile Wicks Woven

The HSN code for textile wicks woven is 5908. This code is used to classify goods for taxation purposes. With the implementation of GST, it is mandatory to use HSN codes for all goods and services.

HSN codes are a uniform system for classifying goods and services under the GST regime. They are used to determine the rate of tax, exemptions and also for the purpose of statistical analysis.

Conclusion

The implementation of GST has brought about changes in the tax rates and HSN codes for textile wicks woven. Business owners and startup founders must be aware of these changes to ensure that they comply with the rules and regulations set by the government. It is important to keep track of any changes in GST rates and HSN codes to avoid any legal issues in the future.