GST (Goods and Services Tax) is a single, comprehensive tax charged on the supply of goods and services from producers to consumers. It is a value-added tax that is levied on almost all the goods and services that are sold in India. GST has replaced several indirect taxes that were previously levied, such as VAT, excise duty, service tax, etc.
HSN code stands for “Harmonized System of Nomenclature”. It is a system of naming goods and services for the purpose of classifying them in a systematic manner. HSN codes are used by businesses to identify the rate of GST applicable to their products and services.
“Other Articles Vulcanised Rubber” is a category of goods under HSN code 4016. This category includes various products made of vulcanised rubber, such as seals, gaskets, washers, and other similar products.
The HSN code for Other Articles Vulcanised Rubber is 4016. The GST rate applicable to this category of goods is 18%.
GST rates vary depending on the type of goods and services being supplied. Under the GST regime, products and services are classified into four different tax slabs – 5%, 12%, 18%, and 28%. Other Articles Vulcanised Rubber fall under the 18% tax slab. This means that the GST charged on this category of goods is 18% of the value of the product.
In conclusion, if you are a business owner dealing with Other Articles Vulcanised Rubber, it is important to be aware of the HSN code and GST rates applicable to this category of goods. By understanding the tax implications of your products, you can ensure that you are charging the right amount of tax and staying compliant with GST regulations.
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