Linoleum is a type of flooring material that is widely used in homes and commercial buildings. It is made from natural materials such as linseed oil, cork dust, and jute, which are renewable and environmentally friendly. In India, the GST rates and HSN code for linoleum differ based on the type of product and its usage. In this article, we will discuss everything you need to know about GST rates and HSN code for linoleum.
Firstly, let us understand what GST is. GST is an indirect tax that replaced many other indirect taxes in India. It was introduced in July 2017 to simplify the taxation system and bring transparency in the overall tax structure. GST is applicable on all goods and services sold within India. It is categorized into different tax slabs based on the type of product and its usage.
Now, let us talk about the GST rates for linoleum in India. The GST rate for linoleum is 18%. This includes both the SGST (state GST) and the CGST (central GST) taxes. The GST rate for linoleum is the same for all types of linoleum, whether it is for commercial or personal use.
Moving on to the HSN code for linoleum, it falls under the category of 5904. This category includes linoleum and other similar floor coverings that are made from materials like cork, linoleum, or rubber. The HSN code for linoleum is further divided into subcategories based on the type of product.
HSN code for linoleum subcategories:
1. 590410 - Linoleum, whether or not cut to shape; floor coverings consisting of a coating or covering applied on a textile backing, whether or not cut to shape.
2. 590420 - Other floor coverings, not elsewhere specified or included; whether or not self-adhesive.
It is important to note that the HSN code for linoleum may vary based on the country of import or export. Therefore, it is important to check the HSN code for linoleum before importing or exporting it.
In conclusion, understanding the GST rates and HSN code for linoleum is important for small and medium business owners and startup founders who deal with flooring materials. The GST rate for linoleum in India is 18%, and it falls under the HSN code category of 5904. By knowing this information, business owners can calculate their taxes and ensure compliance with the Indian tax system.
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