Synthetic staple fibres are man-made fibres that are used in a variety of industries such as textiles, automotive, and construction. They are made from materials such as nylon and polyamides and are known for their strength and durability. If you are a small or medium business owner in India who deals with these products, it is important to know the GST rates and HSN code applicable to them. Let's delve deeper into this topic.
The GST rate for synthetic staple fibres of nylon or polyamides is 18%. This applies to all forms of synthetic staple fibres, including those that are raw, processed, or in the form of yarn. The 18% GST rate is applicable across India and is the same for all states and union territories.
The HSN code for synthetic staple fibres of nylon or polyamides is 5503. This code is used to identify and classify goods in the Indian GST system. It is important to use the correct HSN code when filing GST returns as it helps in determining the applicable GST rates and maintains uniformity in the tax system.
In conclusion, synthetic staple fibres of nylon or polyamides are an important component in various industries in India. As a small or medium business owner dealing with these products, it is important to be aware of the GST rates and HSN code applicable to them. The GST rate for synthetic staple fibres of nylon or polyamides is 18% and the HSN code is 5503. By keeping these details in mind, you can ensure compliance with the Indian GST system and avoid any penalties or fines.
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