What is GST code for rubber & rubber articles?

Rubber and Rubber articles falls under HSN code chapter 40 of GST commodity tariff schedule. The details about GST rate changes for sale of Rubber and Rubber articles are being updated here.

Which HSN codes and GST rates fall under Chapter 40?

HSN codes and GST rates that fall under Chapter 40 includes Natural Rubber, Synthetic Rubber, Compound Rubber, Plates, Sheets, Pipes,Condensed Milk Note: The aforementioned rates are updated up to the Government GST (Rate) Notification GST (Rate) notification no. 05/2020 dated 16th October 2020, to the best of our knowledge.

What is GST on rubber products in India?

Before the implementation of GST in India, many rubber items such as Rubber bands were being taxed at a very high rate of 31 per cent. After the introduction of GST in India, rubber products now fall into the category of GST goods, that means goods & services tax at different rates is charged on the various rubber-made items.

What is GST classification of chemical products?

The GST classification of chemical products is not a one-size-fits-all approach. The globally accepted Harmonized System of Nomenclature (HSN) code is adopted for systematic categorization. The HSN code considers chemical composition, purity levels, and intended use.

What is the GST rate for basic chemicals?

Under the GST regime, basic chemicals attract a standard rate of 18%. This category includes acids, alkalis, salts, and other fundamental chemical compounds essential to various manufacturing processes. While this rate provides a baseline for many chemical products, nuances arise when delving into specialized categories. 2.

Why is coding GST rates important in the chemical industry?

The chemical industry contributes to economic development and encompasses a vast array of products, each with unique characteristics and applications. As businesses produce, distribute, and trade chemicals, decoding the labyrinthine structure of GST rates becomes imperative.