Cobalt is a precious metal that is used in many industries, including healthcare, technology, and energy. In recent years, the Indian government has implemented the Goods and Services Tax (GST), which has changed the way that companies do business. In this article, we will discuss the GST rates and HSN code for cobalt.
Cobalt is a silver-grey metal that is found in nature. It is a hard metal that is resistant to corrosion and has a high melting point. Cobalt is used in many different industrial applications, including batteries, jet engines, and healthcare equipment.
The GST rates for cobalt vary depending on the product and its use. For example, if cobalt is used in the production of batteries, the GST rate is 18%. If it is used in the production of jet engines, the GST rate is 28%. The GST rate for cobalt used in healthcare equipment is 5%.
It is important to note that the GST rates for cobalt are subject to change. It is recommended that businesses stay up to date on the latest GST rates by visiting the official GST website.
The Harmonized System of Nomenclature (HSN) code for cobalt is 8105. This code is used to identify cobalt and its products in international trade. The HSN code for cobalt is used in invoices and other documentation for the purpose of taxation.
It is important for businesses to use the correct HSN code when importing or exporting cobalt products. Failure to use the correct HSN code can result in penalties and fines.
In summary, cobalt is a valuable metal that is used in many different industries. The GST rates for cobalt vary depending on its use, with rates ranging from 5% to 28%. The HSN code for cobalt is 8105 and is used to identify cobalt and its products in international trade. Businesses should stay up to date on the latest GST rates and use the correct HSN code to avoid penalties and fines.
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