Iron Coldrolled - GST Rates HSN Code 7209

As a small or medium business owner or startup founder in India, it is essential to stay up-to-date with the tax regulations to comply with the law and avoid any penalties or fines. Understanding the GST rates and HSN code for your business is a critical step to ensure that you are filing your GST returns accurately.

What is Iron Coldrolled?

Iron Coldrolled is a type of iron that has undergone a cold-rolling process, which involves passing the metal through rollers at below its recrystallization temperature. This process results in a smoother and more uniform surface finish, making it ideal for use in various industries, including construction, automotive, and manufacturing.

GST Rates for Iron Coldrolled

The GST rates for Iron Coldrolled are as follows:

1. 18% GST on Iron Coldrolled products, including flat-rolled products of iron or non-alloy steel (HSN code 7209).

2. 5% GST on Iron Coldrolled products used in the manufacture of specified goods, such as railway tracks, wheels, and axles.

It's important to note that the GST rates for Iron Coldrolled are subject to change, and therefore, it's essential to stay up-to-date with the latest tax regulations.

HSN Code for Iron Coldrolled

The HSN code for Iron Coldrolled is 7209. This code is used to classify goods for taxation purposes under the GST regime. The HSN code for Iron Coldrolled comprises the following:

1. 72- Iron and Steel

2. 720- Pig iron, spiegeleisen, ferro-alloys

3. 7209- Flat-rolled products of iron or non-alloy steel, of a width of 600 mm or more, cold-rolled (cold-reduced), not clad, plated or coated.

It's important to note that using the correct HSN code for your Iron Coldrolled products is crucial to avoid any discrepancies in your GST returns. Using an incorrect HSN code can result in fines and penalties from the tax authorities.

Conclusion

Understanding the GST rates and HSN code for Iron Coldrolled is crucial for small and medium business owners and startup founders in India. It's recommended to keep up-to-date with the latest tax regulations and changes to avoid any penalties or fines. The GST rates for Iron Coldrolled are subject to change, and business owners must ensure that they are using the correct HSN code for their products to avoid any discrepancies in their GST returns.