Interchangeable Tools - GST rates and HSN code 8207

Interchangeable tools are the backbone of various industries as they are used for multiple functions such as drilling, milling, and cutting. GST rates and HSN code for interchangeable tools play a crucial role in determining the tax liability of businesses dealing in such products. In this article, we will discuss the GST rates and HSN code for interchangeable tools under chapter 82.

GST Rates for Interchangeable Tools

The GST rates for interchangeable tools vary depending on the type of tools and their usage. The GST rates for interchangeable tools are as follows:

1. 18% GST on interchangeable tools for hand tools, pneumatic tools, and similar tools

2. 28% GST on interchangeable tools for machine tools, including those for cutting materials

3. 5% GST on interchangeable tools for accessories used with machine tools

4. 28% GST on interchangeable tools for dies for drawing or extruding metal and dies for moulding plastics

It is essential to note that the GST rates mentioned above are subject to change, and businesses must verify the current GST rates before making any transactions.

HSN Code for Interchangeable Tools

The HSN code for interchangeable tools under chapter 82 is 8207. The HSN code 8207 includes interchangeable tools for hand tools, pneumatic tools, and similar tools; interchangeable tools for machine tools, including those for cutting materials; dies for drawing or extruding metal, and dies for molding plastics. Businesses must use the correct HSN code while filing the GST returns to ensure the correct tax calculation.

Conclusion

Interchangeable tools are essential for various industries, and the GST rates and HSN code for interchangeable tools play a vital role in determining the tax liability of businesses dealing in such products. Businesses must keep themselves updated with the latest GST rates and HSN code and ensure the correct usage of the same while filing GST returns to avoid any penalties or legal issues.