GST Rate HSN Code for Nickel and articles thereof - Chapter75

India is one of the largest producers of nickel in the world, and it is widely used in various industries, including construction, automotive, and electronics. As a result, nickel and articles thereof fall under Chapter 75 of the Customs Tariff Act, and businesses need to be aware of the GST rates and HSN codes applicable to this category.

The GST rate for nickel and articles thereof is 18%, and the applicable HSN code is 7503. However, there are some exceptions and special cases that businesses need to be aware of to avoid any penalties or legal issues.

GST Rates for Nickel and Articles Thereof

Nickel and articles thereof fall under Chapter 75 of the Customs Tariff Act, which covers base metals and articles of base metal. Under this chapter, nickel and articles thereof are classified into various subcategories, including nickel plates, sheets, and strips; nickel bars and rods; nickel wire; and nickel tubes, pipes, and fittings.

The GST rate for nickel and articles thereof is 18%. This applies to all subcategories of nickel, regardless of their form or use. For example, if a business imports nickel bars and rods for manufacturing automotive parts, it will be subject to an 18% GST rate.

HSN Code for Nickel and Articles Thereof

The HSN code for nickel and articles thereof is 7503. The HSN code is a globally recognized system for classifying goods and services for taxation purposes. It is a six-digit code that is used to identify the category of goods and services and their respective GST rates.

Under the HSN code 7503, nickel and articles thereof are classified as follows:

Nickel plates, sheets, and strips - 7503 10
Nickel bars and rods - 7503 20
Nickel wire - 7503 30
Nickel tubes, pipes, and fittings - 7503 90

Businesses need to ensure that they classify their nickel and articles thereof correctly under the appropriate HSN code. Incorrect classification or misdeclaration can result in penalties and legal issues.

Exceptions and Special Cases

There are some exceptions and special cases that businesses need to be aware of when dealing with nickel and articles thereof. These include:

Import of waste and scrap of nickel - GST rate is 2.5%
Import of nickel and articles thereof by SEZ units for authorized operations - no GST
Import of nickel and articles thereof for specific projects under the Ministry of Defence - no GST
Export of nickel and articles thereof - no GST

Businesses need to ensure that they meet the requirements and conditions for these exceptions and special cases to avoid any penalties or legal issues.

Conclusion

In conclusion, businesses dealing with nickel and articles thereof need to be aware of the GST rates and HSN codes applicable to this category. The GST rate for nickel and articles thereof is 18%, and the applicable HSN code is 7503. Businesses also need to be aware of the exceptions and special cases that apply to this category and ensure that they meet the requirements and conditions for these cases.