Bars and rods of iron are widely used in various industries for various purposes. These products are formed by hot or cold drawing of steel or iron. The GST rates and HSN code for bars and rods of iron are essential to know for small and medium business owners and startup founders who deal with these products in their businesses.
The GST rates for bars and rods of iron are classified under chapter 72 of the GST tariff. The GST rate for bars and rods of iron is 18%.
The GST rate for bars and rods of iron is uniform across the country, and there are no variations based on the state. The GST rates are governed by the GST council, and any changes made in the GST rates are announced through notifications.
It is crucial for small and medium business owners and startup founders to understand the GST rates for bars and rods of iron to avoid any confusion while billing their customers and filing their GST returns.
The HSN code for bars and rods of iron is 7214. The HSN code is a system of classification used to identify goods and services for taxation purposes. The HSN code for bars and rods of iron is used for identifying the product while filing GST returns.
The HSN code for bars and rods of iron is divided into several sub-headings, which help in identifying the product more specifically. The HSN code for bars and rods of iron is further classified into:
1. 721430 - Cold-drawn or cold-rolled, of circular cross-section
2. 721491 - Other bars and rods of iron or non-alloy steel, not further worked than cold-formed or cold-finished
3. 721499 - Other bars and rods of iron or non-alloy steel
The correct HSN code for bars and rods of iron should be mentioned in the invoice to avoid any penalties or legal issues. The HSN code for bars and rods of iron is essential for small and medium business owners and startup founders dealing with these products to avoid any confusion and errors while filing their GST returns.
In conclusion, bars and rods of iron are widely used in various industries, and it is essential for small and medium business owners and startup founders to know the GST rates and HSN code for these products. The GST rate for bars and rods of iron is 18%, and the HSN code for bars and rods of iron is 7214. These details are crucial for billing the customers and filing GST returns accurately.
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