Silk Yarn Spun From Silk Waste - GST Rates HSN Code 5006

Silk yarn spun from silk waste is a popular choice in the textile industry due to its unique texture and durability. However, with the introduction of the GST system in India, many business owners and startup founders are confused about the applicable GST rates and HSN code for this particular product. In this article, we will provide a comprehensive guide on the GST rates and HSN code for silk yarn spun from silk waste.

GST Rates for Silk Yarn Spun From Silk Waste

As per the GST system in India, silk yarn spun from silk waste falls under the category of goods and services tax code 5006. The applicable GST rates for this product are as follows:

- 5% for silk yarn spun from silk waste, without any twist

- 12% for silk yarn spun from silk waste, with any twist

It is important to note that the GST rates for silk yarn spun from silk waste may vary depending on the state in which the product is sold. Business owners and startup founders are advised to consult with a tax expert or the official GST website for more information on applicable GST rates in their particular state.HSN Code for Silk Yarn Spun From Silk WasteHSN codes or Harmonized System of Nomenclature codes are used to classify goods and services for taxation purposes. The HSN code for silk yarn spun from silk waste is 5006. This code is specifically used for silk yarn spun from silk waste, without any twist.

Business owners and startup founders are advised to use the correct HSN code when applying for GST registration or filing GST returns. This will ensure that the correct GST rates are applied to the product and avoid any potential penalties or legal issues in the future.

Conclusion

In conclusion, silk yarn spun from silk waste is a unique and durable product that is widely used in the textile industry. With the introduction of the GST system in India, it is important for business owners and startup founders to understand the applicable GST rates and HSN code for this particular product. By following the guidelines provided in this article, business owners and startup founders can ensure that they are compliant with the GST system and avoid any potential legal issues in the future.