GST amount of rate on Textile fibre preparing machine business
Goods and Service Tax rate for Textile fibre preparing machine? What is the present GST rate tariff on Textile fibre preparing machine? How much GST tax payable on Textile fibre preparing machine?
The below information details about GST amount of rate on Textile fibre preparing machine
The GST Council has broadly approved the GST rates for goods at nil rate, 5%, 12%, 18% and 28% to be levied on certain goods. Commonly used Goods and Services at 5%, Standard Goods and Services fall under 1st slab at 12%, Standard Goods and Services fall under 2nd Slab at 18% and Special category of Goods and Services including luxury - 28%. The most essential goods and services attract nil rate of GST under Exempted Categories. Luxury goods and services and certain specific goods and services attract additional cess than 28% GST.
The rate of GST on Machines for preparing textile fibres; spinning, doubling or twisting machines and other machinery for producing textile yarns; textile reeling or winding (including weft-winding) machines and machines for preparing textile yarns for use on the machines of heading 8446 or 8447fixed by GST council at the introduction of GST in July, 2017 is 18%
Textile fibre preparing machine falls under GST HSN code 8445
This details about GST rate tariff on Textile fibre preparing machine is only for information. The validity of above information and amendments about GST rate on Textile fibre preparing machine may be verified before any business dealing.
In this article, I have explained about Textile fibre preparing machine. Request you to share your GST experience in Textile fibre preparing machine business. You can also add more information about GST tax impact in Textile fibre preparing machine business. Share your views about GST impact on Textile fibre preparing machine business industry.
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