If you are a business owner dealing with Lenses and Prisms, it is important to understand the GST rates and HSN codes related to these products. In this article, we will provide you with all the information you need to know about the GST rates and HSN code for Lenses and Prisms.
Lenses and Prisms are optical components that are widely used in various industries such as healthcare, telecommunications, defense, and more. Lenses are used to focus light and form images, while Prisms are used to reflect, refract, and disperse light.
The GST rates for Lenses and Prisms are different depending on the type and usage of the product. The GST rates for Lenses and Prisms are as follows:
1. 28% GST for Spectacles, lenses, and frames
2. 18% GST for Optical Fibers, Lenses, Prisms, and Mirrors
3. 12% GST for Optical Microscopes, Telescopes, Binoculars, and other Optical Instruments and Appliances
4. 5% GST for Components and Parts for the manufacture of Optical Instruments and Appliances
It is important to note that GST rates are subject to change, and business owners dealing with Lenses and Prisms must keep themselves updated with the latest rates.
HSN codes are used to classify goods for taxation purposes. The HSN code for Lenses and Prisms is 9002. The HSN code 9002 consists of the following items:
1. Lenses, Prisms, Mirrors, and other Optical Elements, of any material, unmounted
2. Contact lenses
3. Spectacle lenses, Spectacle Frames, and Sunglasses
4. Parts and Accessories for Spectacles, Goggles, and the like
It is important to correctly classify your products under the appropriate HSN code to avoid any confusion and ensure compliance with GST regulations.
Understanding the GST rates and HSN code for Lenses and Prisms is important for business owners dealing with these products. With the information provided in this article, you can ensure that you are compliant with GST regulations, and avoid any penalties or legal issues.
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