When it comes to Synthetic Filament Yarn, it is essential for small and medium businesses and startup founders in India to understand the GST rates and HSN code for this particular product. Synthetic Filament Yarn is a type of yarn that is made from synthetic materials such as polyester, nylon, and acrylic. It is widely used in the textile industry for making fabrics, clothing, and other textile products.
The GST rates for Synthetic Filament Yarn vary depending on the type of yarn and its composition. The current GST rate for Synthetic Filament Yarn is 12%. This rate applies to all types of Synthetic Filament Yarn, including polyester, nylon, and acrylic yarns.
When it comes to the HSN code for Synthetic Filament Yarn, it is 5402. This HSN code is used for all types of Synthetic Filament Yarn, regardless of their composition or manufacturing process.
As mentioned earlier, the GST rate for Synthetic Filament Yarn is 12%. This rate applies to all types of Synthetic Filament Yarn, including those made from polyester, nylon, and acrylic. It is important to note that this rate may vary depending on the composition of the yarn.
For example, if the Synthetic Filament Yarn contains a mixture of polyester and nylon, the GST rate may be different from the standard 12% rate. In such cases, it is best to consult a tax expert or a qualified accountant to determine the correct GST rate.
The HSN code for Synthetic Filament Yarn is 5402. This code is used to classify all types of Synthetic Filament Yarn, regardless of their composition or manufacturing process. It is important to use the correct HSN code when invoicing or shipping Synthetic Filament Yarn to ensure that the product is properly classified and taxed.
Failure to use the correct HSN code can result in penalties and fines from the government, which can be costly for small and medium businesses and startup founders. Therefore, it is essential to ensure that the correct HSN code is used when dealing with Synthetic Filament Yarn.
Synthetic Filament Yarn is an essential product used in the textile industry in India. Understanding the GST rates and HSN code for this product is essential for small and medium businesses and startup founders to ensure that they comply with government regulations and avoid penalties and fines.
The current GST rate for Synthetic Filament Yarn is 12%, which applies to all types of Synthetic Filament Yarn, including those made from polyester, nylon, and acrylic. The HSN code for Synthetic Filament Yarn is 5402, which is used to classify all types of Synthetic Filament Yarn.
By following the correct GST rates and HSN code for Synthetic Filament Yarn, small and medium businesses and startup founders can ensure that they comply with government regulations and avoid any unnecessary penalties or fines.
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