No need to pay GST on purchase or sale of Wool

Wool is exempted from paying GST

 

What is the concessional rate of GST on Wool? No GST applicable for Wool? Should I need to pay GST on my product Wool?

No need to pay GST on purchase or sale of Wool

GST tax on Wool under HSN chapter 5101

 


As per GST Law, there is no GST payable on Wool.  

So the rate of GST payable on Wool is nil rate.

 

There are six GST tax slabs – 0, 5, 12, 18, 28, and 28 percent plus cess. 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 above details about GST rate tariff on Wool is only for information.

The validity of above information and amendments about GST rate on Wool may be verified before any business dealing.

 

 

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