As a small or medium business owner, it is important to understand the GST rate and HSN code for lead and articles thereof. Chapter 78 of the GST rates and HSN codes covers lead and articles made of lead. In this article, we’ll take a closer look at what lead and its products are, the GST rates for lead and products made of lead, and the HSN code for lead and its products.
Lead is a soft, dense, highly malleable, and ductile metal that is used in a variety of products. Some of the common products made of lead include:
1. Lead-acid batteries
4. Sheet lead
5. Lead bullets
6. Lead glass
7. Lead weights
8. Lead pipes
In addition to this, lead is also used in the manufacturing of radiation shielding, X-ray machines, and nuclear reactors.
The GST rates for lead and its products have been set by the GST Council, which is responsible for setting GST rates across India. The GST rates for lead and its products are as follows:
ProductHSN CodeGST RateLead ore and concentrates26075%Lead waste and scrap780218%Sheet lead, foil, and strip780418%Lead plates, sheets, strip, and foil780618%Lead powders and flakes780718%Other articles of lead790718%
It is important to note that the GST rates mentioned above are subject to change as per the GST council's announcement.
The HSN code for lead and its products is a unique six-digit code that is used to classify goods for taxation purposes. The HSN code for lead and its products is as follows:
ProductHSN CodeLead ore and concentrates2607Lead waste and scrap7802Sheet lead, foil, and strip7804Lead plates, sheets, strip, and foil7806Lead powders and flakes7807Other articles of lead7907
In conclusion, understanding the GST rate and HSN code for lead and its products is crucial for small and medium business owners. The GST rates for lead and its products have been set by the GST Council, and the HSN code for lead and its products is used to classify goods for taxation purposes. By having a better understanding of the GST rate and HSN code for lead and its products, business owners can ensure that they are paying the correct amount of taxes and avoiding any penalties or fees that may result from non-compliance.
ITC Entitlement where place of supply is determined under proviso to section 12(8) of IGST Act
GST on Rent of Residential Dwelling
Payment of Tax under GST – Input Tax Credit and Refund