If you are a small or medium business owner dealing with household articles made of iron, it is important to know the GST rates and HSN code for the same. This article aims to simplify the understanding of GST rates and HSN code for household articles of iron.
The HSN code for household articles of iron is 7323. This code denotes the classification of goods and services for taxation purposes. It includes items like ironing boards, irons, cookware, cutlery, and other household items made of iron.
The GST rates for household articles of iron depend on the value of the product. If the value of the item is less than Rs. 1000, the GST rate is 5%. If the value is more than Rs. 1000, the GST rate is 12%.It is important to note that some household articles of iron may attract a higher GST rate of 18%. These include items like gas stoves, water heaters, and other electrical appliances.Understanding GST rates and HSN code is essential for proper invoicing and tax compliance. It is important to correctly classify the goods and services to avoid any penalties or fines.
In conclusion, the HSN code for household articles of iron is 7323, and the GST rates vary depending on the value of the product. As a small or medium business owner, it is crucial to understand these rates and codes to ensure compliance with tax regulations.
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