As an Indian small and medium business owner or startup founder, it’s essential to understand your GST rates and HSN codes. It’s crucial to save time and money and avoid any legal issues in the future. In this article, we will be discussing the GST rates and HSN code for waste of man-made fibres.
Waste of man-made fibres falls under the category of ‘Silk and Synthetic Fibre Waste.’ The GST rates and HSN code for waste of man-made fibres are as follows:
1. GST Rate: 5%
2. HSN Code: 5505
It’s important to note that waste of man-made fibres refers to the remnants or scrap of man-made fabrics or yarns. It includes waste from the production, processing, or consumption of these products.
Knowing the HSN code for waste of man-made fibres is important for several reasons:
1. It helps you to classify your product accurately.
2. It helps you to determine the correct GST rate for your product.
3. It helps you to avoid any legal issues in the future.
4. It helps you to save time and money.
You can find the HSN code for waste of man-made fibres by following these steps:
1. Visit the official GST website (https://www.gst.gov.in/).
2. Click on the ‘Search HSN/SAC Code’ button.
3. Type ‘waste of man-made fibres’ in the search bar.
4. Click on the ‘Search’ button.
5. You will find the HSN code for waste of man-made fibres as ‘5505.’
It’s important to know the GST rates and HSN code for waste of man-made fibres as an Indian small and medium business owner or startup founder. It helps you to classify your product accurately, determine the correct GST rate, avoid any legal issues in the future, and save time and money. By following the steps mentioned above, you can easily find the HSN code for waste of man-made fibres.
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