India is one of the largest producers of natural fibre yarns in the world. Yarn of vegetable fibres is one of the most popularly used natural yarns. It is used in various industries like textiles, garments, handlooms, and handicrafts. In this article, we will discuss the GST rates and HSN code for yarn of vegetable fibres.
The GST rate for yarn of vegetable fibres is 5%. This rate is applicable to all kinds of yarn of vegetable fibres regardless of the weight, quality, and texture of the yarn. The GST rate for yarn of vegetable fibres is a relatively low rate compared to other textile products. This rate is beneficial for small and medium-scale businesses that produce and trade in natural yarns.
The HSN code for yarn of vegetable fibres is 5308. This code is used for the classification of goods under the GST system. The HSN code for yarn of vegetable fibres is a specific code that helps in the identification of the product and the calculation of the GST rate applicable to it. The HSN code for yarn of vegetable fibres is used by manufacturers, traders, and retailers of natural yarns.
In conclusion, we can say that the GST rates and HSN code for yarn of vegetable fibres are beneficial for the Indian textile industry. It promotes the use and trade of natural yarns, which benefits small and medium-scale businesses. The 5% GST rate on yarn of vegetable fibres is a low rate, which makes it easier for businesses to produce and sell natural yarns. The HSN code for yarn of vegetable fibres helps in the classification and identification of goods, which is important for the calculation of GST rates. Therefore, it is essential for businesses to know the GST rates and HSN code for yarn of vegetable fibres.
Taxation (GST) On Educational Institutions
GST Rates and HSN Code 1301 - Lac Natural Gums Resins Gum Resins Oleoresins
Process of Acceptance of TDS Credit by Deductee under GST