Tyre cord fabric is an essential component in the production of tyres, and it plays a significant role in ensuring their overall strength and durability. It is a type of fabric that is made up of high-strength synthetic materials, such as nylon or polyester, which are later coated with a layer of rubber to make them more resilient to wear and tear. In this article, we will be discussing the GST rates and HSN code for tyre cord fabric.
As of July 2021, the GST rate for tyre cord fabric is 12%. This includes both the central GST and the state GST. This rate is applicable to all types of tyre cord fabric, regardless of the material used. It is worth noting that the GST rate for tyre cord fabric was initially set at 18%, but it was later revised to 12% by the GST Council.
The HSN code for tyre cord fabric is 5902. This code falls under Chapter 59 of the HSN classification, which pertains to textiles and textile articles. The code is further divided into subheadings, depending on the type of fabric and its intended use. It is essential to note that the HSN code for tyre cord fabric is the same for all types of materials used in its production.
In conclusion, the GST rates and HSN code for tyre cord fabric are vital pieces of information that every small and medium business owner and startup founder needs to be aware of. The 12% GST rate and HSN code 5902 make it easy for businesses to classify and calculate the taxes applicable to their tyre cord fabric products. By ensuring compliance with these regulations, businesses can avoid penalties and fines, and also ensure the smooth operation of their businesses.
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