In India, fishing nets are classified under HSN code 5608 for taxation purposes. This code specifically covers made up fishing nets of twine, cordage, or rope.
The current GST rate applicable on fishing nets in India is 5%. This rate applies to all types of fishing nets including nylon fishing nets, monofilament fishing nets, and other synthetic fishing nets.
Fishing nets are essential equipment for the fishing industry in India, which supports millions of livelihoods across coastal regions. The moderate GST rate of 5% helps maintain affordability for fishermen while ensuring proper tax compliance.
When purchasing fishing nets, buyers should ensure that the HSN code 5608 is correctly mentioned on invoices to avail the correct GST rate. Manufacturers and suppliers must also comply with GST registration requirements if their annual turnover exceeds the threshold limit. |
