GST rate payable on Silk
Silk falls under HSN code chapter 50 of GST commodity tariff schedule. The details about GST rate changes on sale of Silks are being updated here. The notification changes on exemptions on GST on sale of Silk and other circulars related to GST on Silk and Silk products are updated in this website.
Click here to know GST exempted list
Update on 4thJUNE, 2017: GST rates on goods
NIL GST RATE:
1. Silkworm laying, cocoon [GST HSN chapter code 5001]
2. Raw silk [GST HSN chapter code 5002]
3. Silk waste [GST HSN chapter code 5003]
5% GST RATE :
1. Silk yarn [GST HSN chapter code 5004, GST HSN chapter code 5005, GST HSN chapter code 5006]
2. Woven fabrics of silk or silk waste [GST HSN chapter code 5007] [With no refund of ITC accumulation]
Reduced GST Rates on 9th September 2017
Present GST rate Reduced GST rate
50 Khadi fabric, sold through Khadi and 5% Nil
Village Industrries Commission’s outlets
In India, GST is payable on silk. However, some of the categories business under HSN code 50 are expected to be exempted from paying GST. The list of exempted commodities and services under GST is expected to be released soon.
Goods and Service Tax (GST) rate tariff in India is designed in 6 categories of goods and services. Four main GST rate slabs framed with Essential goods and services, Standard goods and services and luxury goods and services with 5%, 12%, 18% and 28% respectively. 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.
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Rate of GST payable for Silk and Silk products
No need to pay GST on sale of Raw silk
Zero rate of GST on purchase of Silkworm laying
No need to pay GST on purchase of Cocoon
Zero rate of GST on sale of Silk waste
Rate of GST payable for Silk and Silk products
No need to pay GST on sale of Raw silk
Zero rate of GST on purchase of Silkworm laying
No need to pay GST on purchase of Cocoon
Zero rate of GST on sale of Silk waste
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The above information about GST rate on commodities under HSN code mentioned above commonly clarifies on questions explained under:
GST expenses on silkworm cocoons suitable for reeling
Total GST charges on raw silk (not thrown)
Total GST rate on silk waste, including silk yarn waste etc.
Total tax on GST on silk yarn, not spun from waste, not retail packed
Amount of GST to be paid on yarn spun from silk waste not put up for retail sale
Amount of GST rate on silk yarn & yarn from waste put up for ret, silkworm gut in India
What is the GST tariff on woven fabrics of silk or silk waste?