5407
WOVEN FABRICS OF SYNTHETIC FILAMENT YARN, INCLUDING WOVEN FABRICS OBTAINED FROM MATERIALS OF HEADING 5404
Tax Calculator for 5407
E-Way Bill Rules
For woven fabrics of synthetic filament yarn, including woven fabrics obtained from materials of heading 5404, the E-Way Bill threshold is ₹50,000. Since the rate is 5%, you must generate a bill if the Taxable Value exceeds ₹47,619.
Example Calculation
- Base Value: ₹47,619
- + GST (5%): ₹2,380.95
- Total Invoice: ~₹50,000
Invoice Example
Breakdown for a sample invoice value of ₹1,000:
Can I claim ITC?
Yes, if used for business. This reduces your final cash liability.
Input Tax Credit (ITC) Logic
Compliance & Validation
HSN 5407 falls under Chapter 54. It is mandatory to mention this code on invoices if your annual turnover exceeds ₹5 Crore. For turnover below ₹5 Crore, mentioning the 4-digit code (5407) is sufficient for B2B invoices.
Ensure that you charge 2.5% CGST and 2.5% SGST for intra-state supplies of woven fabrics of synthetic filament yarn, including woven fabrics obtained from materials of heading 5404. For inter-state supplies, the full 5% IGST applies.
Frequently Asked Questions
Q: What is the GST Rate for HSN Code 5407?
The GST rate for HSN Code 5407 (WOVEN FABRICS OF SYNTHETIC FILAMENT YARN, INCLUDING WOVEN FABRICS OBTAINED FROM MATERIALS OF HEADING 5404) is 5%.
Q: Is HSN 5407 eligible for Input Tax Credit (ITC)?
ITC availability is classified as 'eligible'. Generally, businesses can claim ITC unless used for personal consumption or blocked under Section 17(5).
Q: How to calculate GST amount for WOVEN FABRICS OF SYNTHETIC FILAMENT YARN, INCLUDING WOVEN FABRICS OBTAINED FROM MATERIALS OF HEADING 5404?
Multiply the taxable value by 0.05. For ₹1000 value, GST is ₹50.
Q: Does Reverse Charge (RCM) apply?
No, standard Forward Charge applies.