Goods and Services Tax (GST) is a comprehensive indirect tax that was implemented in India from 1st July 2017. GST has replaced multiple taxes such as excise duty, service tax, VAT, and others. GST is a destination-based tax, which means that the tax revenue is collected where the goods or services are consumed. GST is levied on all goods and services except for a few items that are exempted or kept outside the purview of GST.
HSN (Harmonized System of Nomenclature) Code is a unique code assigned to each product to identify it for tax purposes. HSN codes are used to classify goods under GST based on their nature, type, and use. HSN codes are mandatory for all taxpayers registered under GST. In this article, we will discuss the GST rate and HSN code for articles of iron or steel under Chapter 73.
Articles of iron or steel are products made from iron or steel that have a specific use or function. These products may be finished goods or intermediate goods used in the production of other goods. Articles of iron or steel include a wide range of products such as nails, screws, wire, pipes, tubes, sheets, plates, and others.
The GST rate for articles of iron or steel is 18%. This means that a taxpayer needs to pay 18% GST on the value of the goods sold or services provided. The GST rate for goods and services is determined based on its nature, use, and other factors.
The HSN code for articles of iron or steel under Chapter 73 is 7301 to 7326. The HSN code for each product is based on its nature, type, and use. The HSN code for a product is mandatory for GST registration and filing of returns.
The following table provides the HSN codes and their descriptions for articles of iron or steel under Chapter 73:
Sheet piling of iron or steel, whether or not drilled, punched or made from assembled elements; welded angles, shapes, and sections, of iron or steel.
Railway or tramway track construction material of iron or steel, the following: rails, check-rails and rack rails, switch blades, crossing frogs, point rods and other crossing pieces, sleepers (cross-ties), fish-plates, chairs, chair wedges, sole plates (base plates), rail clips, bedplates, ties and other material specialized for jointing or fixing rails.
Tubes, pipes, and hollow profiles, of cast iron.
Tubes, pipes, and hollow profiles, seamless, of iron (other than cast iron) or steel.
Other tubes and pipes (for example, welded, riveted or similarly closed), having circular cross-sections, the external diameter of which exceeds 406.4 mm, of iron or steel.
Other tubes, pipes, and hollow profiles (for example, open seam or welded, riveted or similarly closed), of iron or steel.
Tube or pipe fittings (for example, couplings, elbows, sleeves), of iron or steel.
Structures (excluding prefabricated buildings of heading 9406) and parts of structures (for example, bridges and bridge-sections, lock-gates, towers, lattice masts, roofs, roofing frameworks, doors and windows and their frames and thresholds for doors, shutters, balustrade, pillars, columns, and posts), of iron or steel; plates, rods, angles, shapes, sections, tubes, and the like, prepared for use in structures, of iron or steel.
Reservoirs, tanks, vats, and similar containers of iron or steel, for liquids, gases, and solids.
Tanks, casks, drums, cans, boxes, and similar containers, for any material (excluding compressed or liquefied gas), of iron or steel, capacity not exceeding 300 liters, whether or not lined or heat-insulated, but not fitted with mechanical or thermal equipment.
Containers for compressed or liquefied gas, of iron or steel.
Stranded wire, cables, plaited bands, and the like, of iron or steel, not electrically insulated.
Barbed wire, of iron or steel; twisted hoop or single flat wire, barbed or not and loosely twisted double wire, of a kind used for fencing, of iron or steel.
Cloth (including endless bands), grill, netting, and fencing, of iron or steel wire; expanded metal of iron or steel.
Chain and parts thereof, of iron or steel.
Anchors, grapnels and parts thereof, of iron or steel.
Nails, tacks, drawing pins, staples (other than those of heading 8305) and similar articles, of iron or steel, whether or not with heads of other material, but excluding such articles with heads of copper.
Screws, bolts, nuts, coach screws, screw hooks, rivets, cotters, cotter-pins, washers (including spring washers) and similar articles, of iron or steel.
Sewing needles, knitting needles, bodkins, crochet hooks, and other articles for use in the hand, of iron or steel; safety pins and other pins of iron or steel, not elsewhere specified or included.
Springs and leaves for springs, of iron or steel.
Stoves, ranges, grates, cookers (including those with subsidiary boilers for central heating), barbecues, braziers, gas-rings, plate warmers and similar non-electric domestic appliances, and parts thereof, of iron or steel.
Radiators for central heating, not electrically heated, and parts thereof, of iron or steel; air heaters and hot air distributors (including distributors which can also distribute fresh or conditioned air), not electrically heated, incorporating a motor-driven fan or blower, and parts thereof, of iron or steel.
Table, kitchen, or other household articles and parts thereof, of iron or steel; iron or steel wool; pot scourers and scouring or polishing pads, gloves and the like, of iron or steel.
Sanitary ware and parts thereof, of iron or steel.
In conclusion, articles of iron or steel are products made from iron or steel that have a specific use or function. The GST rate for articles of iron or steel is 18%, and the HSN code for articles of iron or steel under Chapter 73 is 7301 to 7326. The HSN code for each product is mandatory for GST registration and filing of returns. With this article, we hope to have provided you with a better understanding of the GST rate and HSN code for articles of iron or steel.
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