Ferrous products are those products that contain iron. These products are widely used in various industries ranging from construction to manufacturing. In India, the Goods and Services Tax (GST) rates for ferrous products vary based on the HSN code assigned to the product. In this article, we will discuss the GST rates and HSN code for ferrous products.
The Harmonized System of Nomenclature (HSN) is an internationally accepted system of names and numbers for classifying traded products. The HSN code is a six-digit code that is used to classify goods and services for taxation purposes. In India, the HSN code is used to determine the GST rate applicable to a particular product.
The HSN code for ferrous products is 7203. This code is used to classify products made of iron or steel. The products classified under this HSN code include:
1. Iron and non-alloy steel in ingots or other primary forms
2. Iron and non-alloy steel semi-finished products
3. Iron and non-alloy steel flat-rolled products
4. Iron and non-alloy steel bars and rods
5. Iron and non-alloy steel angles, shapes, and sections
6. Iron and non-alloy steel wire
7. Iron and non-alloy steel tubes and pipes
The GST rates for ferrous products vary based on the HSN code assigned to the product. The GST rates for products classified under the HSN code 7203 are as follows:
Ferrous products are an important component of various industries in India. The GST rates for ferrous products are determined based on the HSN code assigned to the product. It is important for businesses dealing with ferrous products to understand the HSN code and the GST rate applicable to their products to comply with the GST regulations in India.
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