For small and medium business owners and startup founders in India, understanding the GST rates and HSN code for their products is essential. In this article, we will be discussing the GST rates and HSN code for Other Articles Of Iron Or Steel (HSN Code 7326).
Other Articles Of Iron Or Steel (HSN Code 7326) include a wide range of products made of iron or steel. Some examples of products that fall under this category include:
1. Locks and keys
2. Nails, screws, bolts, and nuts
3. Sign plates, nameplates, and similar items
4. Wire and wire products
5. Tools and implements used in agriculture, horticulture, or forestry
The GST rates for Other Articles Of Iron Or Steel depend on the type of product. The rates are divided into four categories:
1. No GST
2. 5% GST
3. 12% GST
4. 18% GST
Product HSN Code GST Rate Locks and keys 830118% Nails, screws, bolts, and nuts 731818% Sign plates, name plates, and similar items 831018% Wire and wire products 7217, 7219, 7220, 7229, 7312, 7313, 7317, 731818% Tools and implements used in agriculture, horticulture, or forestry 8201, 8202, 8203, 8204, 8205, 8206, 8207, 8208, 8209, 8210, 8211, 8212, 821318%
HSN codes are used to classify goods for taxation purposes. The HSN code for Other Articles Of Iron Or Steel is 7326. This code includes all products made of iron or steel that are not covered by a specific HSN code.
It's important to ensure that you are using the correct HSN code for your products. Using the wrong code can result in incorrect tax calculations and penalties.
Understanding the GST rates and HSN code for Other Articles Of Iron Or Steel is important for small and medium business owners and startup founders in India. By using the correct HSN code and applying the correct GST rate, you can avoid penalties and ensure that your business is compliant with tax laws.
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