Copper Foil - GST Rates HSN Code 7410: A Comprehensive Guide

In India, GST rates and HSN codes are essential for businesses to comply with the tax system. If you are a business owner dealing with Copper Foil, it is crucial to understand the GST rates and HSN code for the same. In this article, we will discuss everything you need to know about Copper Foil GST rates and HSN code.

What is Copper Foil?

Copper Foil is a thin sheet of copper that is widely used in various industries, including electronics and electricals, construction, and automotive. It is a highly conductive material with excellent heat dissipation properties. Copper Foil is used in various applications, such as printed circuit boards (PCBs), transformers, motors, and electromagnetic interference (EMI) shielding.

What is GST?

GST stands for Goods and Services Tax. It is a single indirect tax that replaced all other indirect taxes in India, such as excise duty, service tax, and value-added tax (VAT). GST was implemented on 1st July 2017, with the aim of simplifying the complex tax system and bringing transparency in the tax structure.

What are HSN Codes?

HSN stands for Harmonized System of Nomenclature. It is a six-digit code system developed by the World Customs Organization (WCO) to classify goods and products for customs, statistical, and taxation purposes. HSN codes are used to determine the rate of GST applicable to a particular product or service.

What is the GST Rate for Copper Foil?

The GST rate for Copper Foil is 18%. It means that if you are a business owner dealing with Copper Foil, you need to charge 18% GST on the selling price of the product. You can claim the GST paid on the purchase of Copper Foil as input tax credit (ITC) while filing your GST returns.

What is the HSN Code for Copper Foil?

The HSN code for Copper Foil is 7410. It comes under the chapter of "Copper and articles thereof." The HSN code for Copper Foil is used to determine the rate of GST applicable to the product.

Conclusion

Understanding the GST rates and HSN code for Copper Foil is essential for businesses to comply with the Indian tax system. The GST rate for Copper Foil is 18%, and the HSN code for Copper Foil is 7410. By knowing these details, you can ensure that your business is following the correct tax procedures and avoid any penalties or legal issues.