GST Rates and HSN Code for Safes, Strong Boxes

As a business owner, it is essential to know the GST rates and HSN codes for the products you deal with. In this article, we will discuss the GST rates and HSN code for safes and strong boxes.

What are Safes and Strong Boxes?

Safes and strong boxes are secure storage containers used to protect valuable items from theft and damage. They are commonly used in banks, hotels, and other commercial establishments to store cash, jewelry, important documents, and other valuable items.

GST Rates for Safes and Strong Boxes

The GST rates for safes and strong boxes vary depending on the type and size of the product. As per the 38th GST Council Meeting held on 18th December 2019, the GST rates for safes and strong boxes are as follows:

1. 18% GST on mechanical or electronic safes and vaults

2. 18% GST on safe deposit lockers

It is important to note that these rates are subject to change as per the government's notification.

HSN Code for Safes and Strong Boxes

The HSN code for safes and strong boxes is 8303. This code falls under Chapter 83 of the HSN classification, which deals with miscellaneous articles of base metal.

The HSN code is used for tax purposes to identify the goods and services for which GST is applicable. It is a 6-digit code that helps in the classification of goods and services.

Conclusion

Knowing the GST rates and HSN code for safes and strong boxes is essential for businesses dealing with these products. It helps in calculating the taxes correctly and avoiding any penalties or legal issues. As a business owner, it is your responsibility to stay updated with the latest tax regulations and comply with them.