When it comes to the textile industry in India, it is very important to understand the taxation and regulatory framework that governs it. In this post, we will take a look at the GST rates and HSN code for Other Garments, Knitted.
GST, or Goods and Services Tax, is an indirect tax that was introduced in India in 2017. It replaced a number of other taxes such as VAT, excise duty, and service tax. GST is levied on the supply of goods and services and is administered by the GST Council.
HSN, or Harmonized System of Nomenclature, is a system of classifying goods based on their nature and characteristics. It is used for customs and trade purposes and is recognized internationally. HSN codes are used to identify the goods and services that are being supplied and to determine the rate of tax that is applicable to them.
The GST rates for Other Garments, Knitted are as follows:
The GST rate for Other Garments, Knitted is 5%. This rate applies to all goods falling under HSN code 6114.
Understanding the GST rates and HSN codes for the textile industry is crucial for businesses operating in this space. By knowing the applicable tax rates, businesses can ensure that they comply with the law and avoid any penalties or legal issues.
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