Polymers Styrene: Understanding the GST Rates and HSN Code 3903

Polymers Styrene is a versatile thermoplastic polymer that is used in various industries like automotive, construction, packaging, and electronics, among others. The polymer is made by polymerizing styrene monomers, a process that results in a polymer with excellent rigidity, good dimensional stability, and low water absorption. In India, Polymers Styrene is classified under the HSN code 3903 and is subject to GST.

GST Rates for Polymers Styrene

Polymers Styrene falls under the 18% GST tax bracket in India. This rate applies to Polymers Styrene in any form, including resin, granules, flakes, or powder. The GST rate is calculated based on the transaction value of the product. The transaction value is the price paid for the product, including any additional charges like transportation, insurance, and packing charges.

The 18% GST tax rate on Polymers Styrene may seem high, but it is in line with the tax rate for other plastic polymers like polyethylene and polypropylene, which are also taxed at 18%.

HSN Code for Polymers Styrene

The HSN code for Polymers Styrene is 3903. This code is used to classify Polymers Styrene and other plastics and articles under the GST system. The HSN code is used to determine the GST tax rate applicable to the product.

The HSN code 3903 includes various types of polymers and plastics, including Polymers Styrene. The code covers primary forms, sheets, plates, films, and strips, among other forms of polymers and plastics.

Conclusion

Polymers Styrene is a vital thermoplastic polymer used in various industries in India. The polymer is classified under the HSN code 3903 and is subject to an 18% GST tax rate. The tax rate is calculated based on the transaction value of the product, including additional charges like transportation, insurance, and packing charges. Understanding the GST tax rate and HSN code for Polymers Styrene is essential for businesses dealing with this polymer.