Within Chapter 54 – Man-Made Filaments; Strip And, HSN Code 54072030 serves as the official classification for Woven Fabrics Of Synthetic Filament Yarn, Including Woven Fabrics Obtained From Materials Of Heading 5404 Woven Fabrics Obtained From Strip Or The Like :Dyed. This code determines tax rates and compliance obligations for all entities trading in Woven Fabrics Of Synthetic Filament Yarn, Including Woven Fabrics Obtained From Materials Of Heading 5404 Woven Fabrics Obtained From Strip Or The Like :Dyed. CGST applies at 2.50%, SGST/UTGST at 2.50% for local transactions, and IGST at 5.00% for interstate supplies. Measurement is standardized in m2.

HSN Codes under Chapter 54 – Man-Made Filaments; Strip And

Below are related HSN codes from Chapter 54 – Man-Made Filaments; Strip And for your reference:

Chapter HSN Code Description CGST SGST/UTGST IGST
Man-Made Filaments; Strip And... 54011000 Sewing Thread Of Man-Made Filaments, Whether Or No... 0.06 0.06 0.12
Man-Made Filaments; Strip And... 54012000 Sewing Thread Of Man-Made Filaments, Whether Or No... 0.06 0.06 0.12
Man-Made Filaments; Strip And... 54021010 Synthetic Filament Yarn (Other Than Sewing Thread)... 9.00% 9.00% 18.00%
Man-Made Filaments; Strip And... 54021090 Synthetic Filament Yarn (Other Than Sewing Thread)... 0.09 0.09 0.18
Man-Made Filaments; Strip And... 54021100 Synthetic Filament Yarn (Other Than Sewing Thread)... 9.00% 9.00% 18.00%
Man-Made Filaments; Strip And... 54021110 High Tenacity Yarn Of Nylon Or Other Polyamides 0.09 0.09 0.18
Man-Made Filaments; Strip And... 54021910 Other High Tenacity Yarn Of Nylon Or Other Polyami... 9.00% 9.00% 18.00%
Man-Made Filaments; Strip And... 54021920 Nylon 66 Filament Yarn Confirming To Is 13464 9.00% 9.00% 18.00%
Man-Made Filaments; Strip And... 54021990 Other High Tenacity Yarn Of Nylon Or Other Polyami... 0.09 0.09 0.18
Man-Made Filaments; Strip And... 54022010 Synthetic Filament Yarn (Other Than Sewing Thread)... 9.00% 9.00% 18.00%

GST Rates for HSN 54072030

The tax structure for Woven Fabrics Of Synthetic Filament Yarn, Including Woven Fabrics Obtained From Materials Of Heading 5404 Woven Fabrics Obtained From Strip Or The Like :Dyed under HSN Code 54072030 follows a dual taxation model. CGST is levied at 2.50% and SGST/UTGST at 2.50% for intrastate sales. Interstate transactions attract IGST at 5.00%. All invoices must record quantities in m2 as the standard measurement for goods under Chapter 54 – Man-Made Filaments; Strip And.

Who Should Use HSN Code 54072030?

Traders, manufacturers, and importers of Woven Fabrics Of Synthetic Filament Yarn, Including Woven Fabrics Obtained From Materials Of Heading 5404 Woven Fabrics Obtained From Strip Or The Like :Dyed are required to mention HSN Code 54072030 on all GST documents. This Man-Made Filaments; Strip And classification under Chapter 54 is mandatory for compliance across all business formats including online sellers.

Business Registration Requirements

Entering the Woven Fabrics Of Synthetic Filament Yarn, Including Woven Fabrics Obtained From Materials Of Heading 5404 Woven Fabrics Obtained From Strip Or The Like :Dyed market requires essential registrations. GST registration enables legal tax collection on HSN 54072030 goods. For cross-border trade in Man-Made Filaments; Strip And items, secure an Import Export Code. Exporters additionally need AD Code registration for bank processing. Begin with company registration to establish your business entity.

Why Correct Classification Matters

Correct HSN Code 54072030 application for Woven Fabrics Of Synthetic Filament Yarn, Including Woven Fabrics Obtained From Materials Of Heading 5404 Woven Fabrics Obtained From Strip Or The Like :Dyed ensures smooth input credit utilization and assessment processes. Track 2.50%, 2.50%, and 5.00% rate changes for Chapter 54 – Man-Made Filaments; Strip And through official notifications for continuous compliance.

Frequently Asked Questions (FAQs)

How many digits of HSN Code 54072030 should I mention on invoices?

The number of HSN digits depends on your annual turnover. Businesses with turnover above Rs 5 crore must mention 6 digits, while others may use 4 digits. Always use the complete HSN 54072030 for accurate classification of Woven Fabrics Of Synthetic Filament Yarn, Including Woven Fabrics Obtained From Materials Of Heading 5404 Woven Fabrics Obtained From Strip Or The Like :Dyed.

Can I claim input tax credit on Woven Fabrics Of Synthetic Filament Yarn, Including Woven Fabrics Obtained From Materials Of Heading 5404 Woven Fabrics Obtained From Strip Or The Like :Dyed purchases?

Yes, registered businesses can claim input tax credit on Woven Fabrics Of Synthetic Filament Yarn, Including Woven Fabrics Obtained From Materials Of Heading 5404 Woven Fabrics Obtained From Strip Or The Like :Dyed purchases made under HSN 54072030. Ensure your supplier mentions correct HSN code and GST rates (2.50%, 2.50%) on the invoice.

What is the difference between CGST and IGST for HSN 54072030?

CGST at 2.50% plus SGST/UTGST at 2.50% applies when Woven Fabrics Of Synthetic Filament Yarn, Including Woven Fabrics Obtained From Materials Of Heading 5404 Woven Fabrics Obtained From Strip Or The Like :Dyed is sold within the same state. IGST at 5.00% is charged when goods move across state borders or are imported.

Is Import Export Code necessary for trading Woven Fabrics Of Synthetic Filament Yarn, Including Woven Fabrics Obtained From Materials Of Heading 5404 Woven Fabrics Obtained From Strip Or The Like :Dyed domestically?

No, Import Export Code is only required if you plan to import or export Woven Fabrics Of Synthetic Filament Yarn, Including Woven Fabrics Obtained From Materials Of Heading 5404 Woven Fabrics Obtained From Strip Or The Like :Dyed internationally. For domestic trade within Man-Made Filaments; Strip And, GST registration is sufficient.

More HSN codes from Chapter 54

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