Hats lace is a specific type of lace that is used to adorn hats. It can be made from a variety of materials, including cotton, silk, or synthetic fibers. Hats lace is a popular embellishment for hats of all styles, from traditional fedoras to modern baseball caps.
For small and medium business owners and startup founders who deal with hats lace, it is important to understand the GST rates and HSN code associated with this product. In this article, we will discuss these rates and codes in detail.
The Goods and Services Tax (GST) is a tax that is levied on the sale of goods and services in India. The GST rates for hats lace depend on the material that the lace is made of.
If the hats lace is made of natural fibers, such as cotton or silk, the GST rate is 5%. However, if the lace is made of synthetic fibers, the GST rate is 12%. It is important to note that these rates are subject to change, so it is important to stay up-to-date with the latest GST rates for hats lace.
The HSN code for hats lace is 6505. This code is used to classify hats lace for the purposes of taxation. The HSN code is a 6-digit code that is used internationally to classify goods for taxation and trade purposes.
The first two digits of the HSN code indicate the chapter that the product falls under. In the case of hats lace, the chapter is 65, which is for "headgear and parts thereof." The next two digits indicate the heading, which is 05 for "hats and other headgear, knitted or crocheted." The final two digits indicate the sub-heading, which is 00 for hats lace.
In conclusion, hats lace is a popular embellishment for hats of all styles, and it is important for small and medium business owners and startup founders who deal with this product to understand the GST rates and HSN code associated with it. The GST rate for hats lace depends on the material that the lace is made of, with a rate of 5% for natural fibers and 12% for synthetic fibers. The HSN code for hats lace is 6505, and it is used to classify hats lace for the purposes of taxation.
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