We all know the real estate and automotive industries benefit significantly from paint. But its decline was primarily due to the added cost of the GST rates. It is expected that over the next five years, the Indian paints market will grow at a rate of 1.5 to 2 times GDP. but first, you must know how much GST on paints.
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The 28th GST Council meeting reported that the GST rates on paints had been lowered from 28% to a lower 18%, a clear reduction of 10%, which made the decision beneficial. Sales are expected to increase by 10 to 15% in the coming financial year, which is greater than the rise of 9% predicted before the rate decrease. But, because the price of raw materials has increased and is now connected to the price of crude oil, there are problems with input costs and the price increases twice yearly.
What is the GST in percentage with HSN codes?
HSN Code |
Description |
Rate in Percentage |
3209 |
Paints and varnishes, such as enamels and lacquers, based on synthetic polymers or naturally occurring polymers that have undergone chemical modification, distributed or dissolved in an aqueous solution |
18% |
320910 |
Based on vinyl or acrylic polymers |
18% |
32091010 |
Paints and Varnishes (Including Enamels and Lacquers) Based on Acrylic or Vinyl Polymers or Synthetic Polymers or Chemically Modified Natural Polymers, Distributed or Dissolved in an Aqueous Medium: Emulsion of Acrylic |
18% |
32091090 |
Paints and Varnishes (Including Enamels and Lacquers) Based on Acrylic or Vinyl Polymers or Synthetic Polymers or Chemically Modified Natural Polymers, Dispersed or Dissolved in an Aqueous Medium: Other |
18% |
32099010 |
Dispersion Paints are paints and varnishes (such as enamels and lacquers) made of synthetic polymers or naturally occurring polymers that have undergone chemical modification. |
18% |
32099020 |
Emulsion Paints Not Elsewhere Specified Or Included: Paints And Varnishes (Including Enamels And Lacquers) Based On Synthetic Polymers Or Chemically Modified Natural Polymers, Dispersed Or Dissolved In An Aqueous Medium |
18% |
32099090 |
Paints and Varnishes (Including Enamels and Lacquers) Based on Synthetic Polymers or Chemically Modified Natural Polymers, Dispersed or Dissolved in an Aqueous Medium - Other: |
18% |
You are now aware of GST on paints.
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How much GST on paint?
Rushi
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2023-01-27T10:39:59+00:00 2023-01-27T10:39:59+00:00Comment
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