If you are a small or medium business owner or a startup founder in India, it is important to understand GST rates and HSN codes for different products. In this article, we will discuss the GST rates and HSN code for carpets not tufted.
Firstly, let's understand what carpets not tufted mean. Carpets not tufted refer to hand-knotted carpets made from natural or synthetic yarns. These carpets are woven by skilled artisans and are known for their unique designs and durability.
The Harmonized System of Nomenclature (HSN) is an internationally recognized system of names and numbers to classify goods. The HSN code for carpets not tufted is 5704. This HSN code is applied to all carpets not tufted, whether made of natural or synthetic yarns.
The GST rates for carpets not tufted vary depending on the type of carpet and the material used. The GST rates for carpets not tufted are as follows:- 5% GST on carpets not tufted made of jute or coir- 12% GST on carpets not tufted made of other natural materials like wool, silk or cotton- 18% GST on carpets not tufted made of synthetic materials like nylon or polyester
It is important to note that the GST rates on carpets not tufted are subject to change based on government policies and regulations. Therefore, it is important to stay updated on any changes in GST rates and HSN codes.
As a small and medium business owner or startup founder, it is important to comply with GST regulations to avoid any penalties or legal issues. To ensure compliance with GST regulations, you should do the following:- Understand the HSN code for your product- Determine the correct GST rate for your product- File your GST returns on timeIn conclusion, understanding the GST rates and HSN code for carpets not tufted is essential for small and medium business owners and startup founders in India. By following the guidelines mentioned above, you can ensure compliance with GST regulations and avoid any legal issues or penalties.
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