Delve into a detailed breakdown of GST rates applicable to LED bulbs and furniture, highlighting tax percentages, categories, and nuances.
GST is known as the Goods and Services Tax. It is an indirect tax which has replaced many indirect taxes in India such as the excise duty, VAT, services tax, etc. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017 and came into effect on 1st July 2017. In other words, Goods and Service Tax (GST) is levied on the supply of goods and services. Goods and Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. GST is a single domestic indirect tax law for the entire country. Lets have a look at LED Bulbs, Furniture GST Rates below.
Understanding GST Rates for LED Bulbs
Kerosene pressure lanterns and parts of kerosene pressure lanterns, including gas mantles, are the only light products that attract a GST of 5%. All other lighting products attract a higher GST rate
Further, Hurricane lanterns, Kerosene lamp/ lantern, petromax, glass chimney, accessories & components thereof attract 12% GST
Finally, lamps and lighting fittings including searchlights and spotlights and parts thereof, not elsewhere specified or included; illuminated signs, illuminated nameplates and the like, having a permanently fixed light source, and parts thereof not elsewhere specified or included attract a GST rate of 28%.
Navigating For Furniture GST Rates
The Furniture GST rates for wooden furniture are provided under a different HSN chapter along with wood and wooden products. In this HSN chapter, the furniture GST rates for mattresses and other types of furniture are outlined. For instance, coir products and products wholly made of quilted textile materials attract a 12% GST rate. For businesses dealing with these products, opting for GST registration online can simplify compliance with these rates and ensure smooth processing of GST-related transactions.
The following types of furniture attract 18% GST rate:
- Medical, surgical, dental or veterinary furniture (for example, operating tables, examination tables, hospital beds with mechanical fittings, dentists’ chairs); barbers’ chairs and similar chairs, having rotating as well as both reclining and elevating movements; parts of the foregoing articles
- Coir mattresses, cotton pillows, mattress and quilts
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GST Rate Changes and Government Policies
A GST Amnesty Scheme is going to extend appeal filing time till 31 January 2024 against the time period of three months under the law for all the orders passed till March 2023 12.5 percent pre-deposit of tax 2.5 % is paid in cash.
- CGST Section 159 is going to be amended. Automatic restoration of will be done of provisionally attached property after completion of one year
- It is also clarified that no GST will be charged on personal guarantee provided by directors to the bank against loans or credit limits sanctioned to the company
- The GST Council has delegated to states the authority to tax Extra Neutral Alcohol (ENA) used in alcoholic beverages for human consumption
- The taxable value of a corporate guarantee made between related people (a holding company and its subsidiary) is defined as 1% of the guaranteed amount offered or the real compensation.
FAQ’s
What is the HSN code for a 9w LED bulb?
The HSN code for a 9w LED bulb is 85395000.
Is LED 12% to 18% GST?
LED bulbs attract a GST rate ranging from 12% to 18%, varying based on government notifications and policies.
What is the GST rate for solar LED lights?
Solar LED lights are typically charged a GST rate of 5%.
What is the HSN code for LED light 100 watt?
The HSN code for a 100-watt LED light falls under 94054090.
What is the GST rate for furniture rent?
The GST rate for renting furniture is 18%.
What is the GST rate for king size beds?
King size beds are generally taxed at an 18% GST rate.
What is the GST rate on wooden furniture?
Wooden furniture carries a GST rate of 12%.
What is the HSN code for furniture GST?
The HSN code for furniture under GST is 9403.
Conclusion
In conclusion, understanding the furniture GST rates for LED bulbs and furniture is vital for businesses to navigate the complexities of taxation effectively. The detailed insights provided in the comprehensive guide offer clarity on applicable rates, helping businesses make informed decisions and maintain compliance. However, navigating the intricacies of GST registration can be challenging, and this is where Vakilsearch’s services shine. With a commitment to simplifying legal processes, Vakilsearch provides expert assistance in GST registration, ensuring businesses can focus on core activities while leaving the complexities of tax compliance in capable hands. Choose Vakilsearch for a seamless and efficient GST registration process, enabling businesses to thrive in a well-organised and compliant environment.
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