Copper Springs - GST Rates & HSN Code 7416

Copper Springs are widely used in various industries like construction, plumbing, electrical, and many more. In this article, we will discuss the GST rates and HSN code for Copper Springs.

What is GST?

GST stands for Goods and Services Tax, which is an indirect tax that has replaced many indirect taxes in India. The GST Act was passed in the Parliament on 29th March 2017 and came into effect on 1st July 2017.

GST is a comprehensive tax that is levied on the supply of goods and services. It is a destination-based tax, which means it is levied at the place of consumption. GST is divided into five tax slabs, which are 0%, 5%, 12%, 18%, and 28%. GST rates for Copper Springs vary according to their HSN code.

What is HSN code?

HSN stands for Harmonized System of Nomenclature. It is a six-digit code that is used to classify goods based on their nature, type, and use. The HSN code for Copper Springs is 7416.

HSN code for Copper Springs is based on their shape, size, and use. Copper Springs that are used in the construction industry are classified under a different HSN code than those used in the electrical industry.

GST Rates for Copper Springs

The GST rates for Copper Springs vary according to their HSN code. Copper Springs that fall under the HSN code 7416 attract a GST rate of 18%. This rate is applicable for all types of Copper Springs, regardless of their use or shape.

However, there is an exemption from GST for Copper Springs that are used for agricultural purposes. Copper Springs that are used for irrigation, drainage, and other similar agricultural purposes are exempt from GST.

Conclusion

Copper Springs are an essential component in various industries. The GST rates and HSN code for Copper Springs are important for businesses that deal with them. Understanding the GST rates and HSN code for Copper Springs can help businesses determine the tax liability and comply with the GST regulations.