Are you an Indian business owner or a startup founder looking for information on GST rates and HSN code for slide fasteners? Look no further as we have got you covered with all the information you need.
Firstly, let's understand what slide fasteners are. Slide fasteners, commonly known as zippers or zip fasteners, are used to fasten two pieces of fabric together. They are commonly found on clothing, bags and shoes.Now, let's talk about the GST rates for slide fasteners. As per the GST council, slide fasteners fall under the category of "miscellaneous articles of base metal" with a GST rate of 18%. This means that if you are a business owner selling slide fasteners, you will need to charge 18% GST on the sale of these products.Moving on to the HSN code for slide fasteners, it falls under the code 9607 which covers "buttons, press-fasteners, snap-fasteners and press-studs, button moulds and other parts of these articles; button blanks". This code is essential for businesses as it helps in the classification of goods and determining the applicable GST rate.
It is important to note that businesses with a turnover of less than Rs. 1.5 crores can opt for the composition scheme and pay a fixed GST rate of 1% on their turnover if they are involved in the sale of goods. This scheme can be beneficial for small businesses as it simplifies the GST process and reduces the compliance burden.In conclusion, slide fasteners fall under the category of "miscellaneous articles of base metal" with a GST rate of 18% and an HSN code of 9607. Business owners should ensure that they charge the correct GST rate and mention the HSN code on their invoices to avoid any penalties. If you are a small business owner, consider opting for the composition scheme to simplify the GST process.
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