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GST Rates and HSN Codes on Footwear (Rubber & Plastics)

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GST Rates and HSN Codes on Footwear (Rubber & Plastics)

Items and Companies Tax (GST) is a consumption tax charged on the footwear sale. The tax applies to every part of the availability chain from manufacturing to retail. The foremost objective for making use of the GST price on footwear is to ease the method of tax, take away the cascading taxes, and construct a transparent and constant tax regime for items and companies.

Present GST Price Applies to Footwear

The GST price for footwear is 12% (6% CGST + 6% SGST) and prices lower than Rs. 1000.

Ministry of Finance via the Division of Income, has raised the GST price on footwear value lower than INR 1000 from 5% to 12% by way of Notification No. 14/2021 Central Tax (Price) on 18.11.2021.

HSN Codes for Footwear Underneath GST

SAC Code for Footwear

How GST Impacts Footwear

Earlier than that, the GST price on footwear differed primarily based on components reminiscent of the fee, materials, and footwear sort reminiscent of

The GST price for footwear is 12% (6% CGST + 6% SGST) for footwear that prices lower than Rs. 1000 W.E.F. on 1st January 2022.

It results in that the GST price has grown on footwear to 12% from 5% as a result of footwear costing lower than Rs. 1000 will get costlier.

GST Returns to be Filed for Footwear Companies

GSTR-1: The returns include the knowledge on the outward provides (gross sales) of products or companies. eleventh or the end of the subsequent month shall be the final date as per your turnover.

GSTR-3B: The return illustrates each inward and outward provides together with tax fee. The due date is twentieth of the subsequent month.

GSTR-9: It’s the annual return consolidating all month-to-month or quarterly returns furnished on the time of the monetary yr. The final date is December thirty first of the next monetary yr. It’s elective for companies with turnover as much as Rs 2 crore.

GSTR-9C is a reconciliation assertion between the audited financials and the GST returns filed. It’s due together with GSTR-9 and is required to get filed via these assesses whose turnover is greater than 5 crore.

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