For small and medium business owners and startup founders in India, it's essential to have a clear understanding of the GST rates and HSN codes for different commodities. This knowledge helps them calculate the amount of GST they need to charge on products and services, file GST returns accurately, and avoid any legal issues.
In this article, we'll discuss the GST rates and HSN code for Nickel Mattes, a widely used commodity in different industries. We'll cover its definition, classification, and the applicable GST rates in detail. So, let's get started!
Nickel Mattes are intermediate products that contain nickel and other metals like copper and cobalt. They are obtained during the initial stages of nickel extraction from sulfide ores. Nickel Mattes are usually used as raw materials to produce refined nickel and other nickel-based alloys.
Under the Harmonized System of Nomenclature (HSN), Nickel Mattes fall under the category of Non-Ferrous Metals and Alloys. The HSN code for Nickel Mattes is 7501.
This classification is important for calculating the applicable GST rates for Nickel Mattes. It also helps businesses to identify the correct HSN code for their Nickel Mattes products and services while filing GST returns.
The GST rates for Nickel Mattes vary depending on their purity and usage. Here's a quick overview:
1. If the Nickel Mattes contain nickel of purity exceeding 99.99%, the applicable GST rate is 18%.
2. If the Nickel Mattes contain nickel of purity less than 99.99%, the applicable GST rate is 12%.
3. If the Nickel Mattes are used as raw materials for nickel and nickel alloys, the applicable GST rate is 18%.
4. If the Nickel Mattes are used for other purposes like plating and coating, the applicable GST rate is 12%.
It's essential to note that the GST rates for Nickel Mattes are subject to change according to the GST council's decisions. Therefore, businesses must stay updated with the latest GST rates and HSN codes for Nickel Mattes to avoid any GST-related issues.
Understanding the GST rates and HSN code for Nickel Mattes is crucial for small and medium business owners and startup founders in India. It helps them calculate the applicable GST, file GST returns accurately, and avoid any legal issues. We hope this article has provided you with a clear understanding of Nickel Mattes' classification, GST rates, and HSN code under the HSN system.
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