Silk waste is a byproduct of the silk production process. It is the leftover waste material that is created when silk is processed. This waste product is usually discarded and considered of little value. However, in recent years, silk waste has gained attention due to the various uses that it can be put to.
Silk waste is now used in different industries such as textiles, paper, and fertilizer. It is also used to manufacture products like silk wadding, silk batting, and silk tops. In the textile industry, silk waste is used as a substitute for cotton or other fibers in the production of silk blend fabrics. The use of silk waste in paper manufacturing has been shown to increase the strength of the paper.
The GST rates for silk waste vary depending on the type of silk waste. If the silk waste is generated during the manufacture of silk yarn, it is taxed at 5%. But, if the silk waste is generated during the manufacture of silk fabrics, it is taxed at 12%. This is because the GST rates are based on the product and not on the raw material.
The HSN code for silk waste is 5003. This code is used to classify goods and services for taxation purposes. The HSN code for silk waste is the same whether the silk waste is generated during the manufacture of silk yarn or silk fabrics.
In conclusion, silk waste is a byproduct of the silk production process that has become more valuable due to its use in various industries. The GST rates for silk waste vary depending on the type of silk waste, and the HSN code for silk waste is 5003. Business owners and startup founders who deal with silk waste should be aware of the GST rates and HSN code to ensure they are in compliance with the law.
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