As a small and medium business owner or startup founder dealing with leather and leather products, it's important to understand the GST rates and HSN code for tanned, crust hides, skins, bovine, and equine animals. These codes and rates will help you to calculate and pay the correct GST amount while filing your returns.
The GST rates and HSN code for tanned, crust hides, skins, bovine, and equine animals fall under the category of leather and leather products, which is covered under the GST Act. The HSN code for these products is 4104.
The GST rates for tanned, crust hides, skins, bovine, and equine animals are as follows:
1. 5% GST rate for the sale of tanned, crust hides, and skins of bovine animals, buffalo, and horses.
2. 12% GST rate for the sale of tanned, crust hides, and skins of sheep, goats, and other animals.
It's important to note that the GST rates for leather and leather products are subject to change based on government notifications. So, it's always a good idea to keep yourself updated on the latest GST rates and HSN codes.
The HSN code for tanned, crust hides, skins, bovine, and equine animals is 4104.
HSN codes are used to classify goods and services under the GST Act. They are a standardised system of codes that are used to identify and categorise products for tax purposes. HSN codes are important as they help in the calculation of the correct GST amount for a particular product or service.
As a small and medium business owner or startup founder dealing with leather and leather products, it's important to understand the GST rates and HSN code for tanned, crust hides, skins, bovine, and equine animals. These codes and rates will help you to calculate and pay the correct GST amount while filing your returns. It's important to keep yourself updated on the latest GST rates and HSN codes to avoid any errors and penalties.
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