HUMAN HAIR - GST RATES HSN CODE 501

Human hair is a valuable commodity, and it is used in various industries, including the beauty and fashion industry. Understanding the GST rates and HSN code for human hair is essential for small and medium business owners who deal with human hair. In this article, we will discuss the GST rates and HSN code for human hair.

What is GST?

GST stands for Goods and Services Tax, and it is an indirect tax that was introduced in India on July 1, 2017. The GST replaced the earlier indirect taxes such as VAT, service tax, and excise duty. The GST is a comprehensive tax that is levied on the supply of goods and services across India.

What is HSN Code?

The HSN code stands for Harmonized System of Nomenclature, and it is a code that is used to classify goods under the GST regime. The HSN code consists of eight digits that are used to identify the goods and services.

What is the GST rate for Human Hair?

The GST rate for human hair is 5%. Human hair is classified under HSN code 501. The 5% GST rate is applicable to all types of human hair, such as raw human hair, processed human hair, and human hair wigs.

HSN Code for Human Hair

The HSN code for human hair is 501. The HSN code is used to classify human hair under the GST regime. The HSN code 501 is used for all types of human hair, including raw human hair, processed human hair, and human hair wigs.

Why is it important to know the GST rate and HSN code for Human Hair?

It is important to know the GST rate and HSN code for human hair if you are a small or medium business owner dealing with human hair. Knowing the GST rate and HSN code will help you to calculate the correct tax amount that needs to be paid to the government. It will also help you to avoid any penalties or legal issues that may arise due to incorrect tax calculations.

Conclusion

In conclusion, the GST rate for human hair is 5%, and the HSN code for human hair is 501. It is important to know the GST rate and HSN code for human hair if you are a small or medium business owner dealing with human hair. Knowing the GST rate and HSN code will help you to avoid any legal issues and penalties that may arise due to incorrect tax calculations.