Woven fabrics of silk or of silk waste come under the HSN code 5007. As per the GST rate schedule, the GST rate for woven fabrics of silk or of silk waste is 5%.
The Harmonized System of Nomenclature (HSN) is an international system of classifying goods. It is used for customs and trade purposes. All goods are classified under specific HSN codes that are used to determine the tax rate for that particular product. The HSN code for woven fabrics of silk or of silk waste is 5007.
The GST rate for woven fabrics of silk or of silk waste is 5%. This rate is applicable to all types of silk fabrics, whether they are woven or non-woven. The 5% GST rate is lower than the previous tax regime, where the rate was 6% under VAT.
There are some exemptions and special cases to be aware of when it comes to GST rates and HSN codes for woven fabrics of silk or of silk waste:
1. Woven fabrics of silk or of silk waste are exempt from GST if they are sold by a weaver who is producing the fabric himself or herself.
2. If the woven fabric is made from yarn that has already been taxed under GST, then the fabric itself will not be taxed.
Understanding the GST rates and HSN code for Woven Fabrics of Silk or of Silk Waste (HSN code 5007) is important for small and medium business owners and startup founders in India. With this information, businesses can properly file their taxes and avoid any penalties or fines. As always, it is recommended to consult with a tax expert to ensure compliance with all GST regulations.
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