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Published on:
February 25, 2023
By
Prerna

MUSIC PRINTED MANUSCRIPT - GST RATES & HSN CODE 4904

Music is a universal language that transcends borders and brings people together. Whether it's a classical symphony or a Bollywood soundtrack, music has the power to move us, inspire us, and make us feel alive. If you're in the business of selling or producing music, you'll need to know about GST rates and HSN codes for music, printed or manuscript. This article will guide you through everything you need to know.

What is HSN Code 4904?

HSN stands for Harmonized System of Nomenclature, which is a standardized system of names and numbers used to classify goods and services for tax purposes. HSN code 4904 is specifically for printed music, whether in the form of sheet music or bound volumes.

According to the GST rates and HSN code for printed music, the tax rate for HSN 4904 is 5%. However, it's important to note that this rate may vary depending on the specific type of music being sold or produced.

How to Calculate GST on Printed Music

Calculating GST on printed music is a fairly straightforward process. Here's an example:

Let's say you're selling a bound volume of classical sheet music for Rs. 1000.

The GST rate for HSN code 4904 is 5%, so the tax on this item would be:

Rs. 1000 x 5% = Rs. 50

Therefore, the total cost of the item would be Rs. 1050 (Rs. 1000 + Rs. 50).

Other Important Considerations

When it comes to selling or producing music, there are a few other important things to keep in mind:

1. If you're selling music online, you may be subject to additional taxes and fees, such as service tax or payment gateway charges.

2. If you're producing music, you may be eligible for certain tax exemptions or deductions. For example, if you're a small business with an annual turnover of less than Rs. 20 lakhs, you may be exempt from GST altogether.

3. It's always a good idea to consult with a tax professional or accountant to ensure that you're complying with all applicable tax laws and regulations.

Conclusion

Music is an important part of our culture and our lives, and understanding the GST rates and HSN code for printed music is essential for anyone in the music business. By following these guidelines and consulting with a tax professional, you can ensure that you're complying with all applicable tax laws and regulations, and keep your business running smoothly.

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Updated on:
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