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HSN Code - 57024990 : Of other textile materials (OTHR FLR CVRNGS)
| HSN CODE | Description | Policy |
|---|---|---|
| 5702 | WASTE, PARINGS AND SCRAP, OF PLASTICS | |
| 570249 | Of other textile materials | |
| 57024990 | OTHR FLR CVRNGS | Free |
Harmonised System of Nomenclature (HSN Codes) 57024990 are used for the OTHR FLR CVRNGS products under Goods and Service Tax classification.
India was originally using 6 digit HSN codes to classify commodities but later two more digits were added to make the codes more precise, resulting in an 8 digit classification.
Understanding HSN Code 57024990
First two digits (57) represent the chapter number which is Chapter 57 - Carpets and other textile floor coverings.
Next two digits (02) represent the heading number which is WASTE, PARINGS AND SCRAP, OF PLASTICS
Next two digits (49) represent the product code which is Of other textile materials
Last two digits (90) are for final or deeper classification which is OTHR FLR CVRNGS
All 8 digits of HSN code is mandatory for export & imports for tax invoice of GST.
FAQs on HSN Code 57024990
What is HSN Code 57024990 used for?
HSN Code 57024990 is used to classify goods under GST for invoicing, taxation, import, and export. Businesses use this code to correctly identify products while filing GST returns and trade documents.
Is HSN Code 57024990 mandatory for GST invoices?
Yes. HSN codes are mandatory on GST invoices for most businesses, especially for B2B transactions, exports, and imports. The level of digits required depends on turnover and transaction type.
What is the GST rate for HSN Code 57024990?
The GST rate for HSN Code 57024990 depends on the product specification and the latest GST notifications. Businesses should verify the applicable rate from CBIC notifications or consult a tax professional before invoicing.
What is the import or export policy for HSN Code 57024990?
As per current trade policy, HSN Code 57024990 falls under "Free" category. Import or export may be subject to specific conditions or approvals.
What is the difference between HSN Code and SAC Code?
HSN codes are used for goods or products, while SAC codes are used for services. Businesses dealing in both goods and services must use the correct code type for GST compliance.