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Published on:
February 25, 2023
By
Harshini

Iron Hotrolled - GST Rates  HSN Code 7208

Iron Ingots are a common product in the metal industry. They are used in various applications such as construction, manufacturing, and transportation. For small and medium business owners and startup founders, it is important to understand the GST rates and HSN code for iron ingots.

What are Iron Ingots?

Iron Ingots are a basic product in the iron and steel industry. They are made by melting iron ore in a furnace and pouring the molten iron into a mould. After cooling, the iron solidifies into a block of metal, which is known as an iron ingot. Iron ingots are used as a raw material for manufacturing various iron and steel products.

GST Rates for Iron In Ingots

The GST rates for iron ingots fall under the 72nd chapter of the GST tariff. The GST rate for iron ingots is 18%.

HSN Code for Iron In Ingots

The HSN code for iron ingots is 7206. Iron ingots are classified under this code in the GST tariff.

Understanding the GST Rates and HSN Code for Iron Ingots

For small and medium business owners and startup founders, it is important to understand the GST rates and HSN code for iron ingots. This information can help them in their business operations and assist them in complying with GST regulations.

The GST rate for iron ingots is 18%. This means that if a business owner purchases iron ingots worth Rs. 1,00,000, they will have to pay a GST of Rs. 18,000. Similarly, if they sell iron ingots worth Rs. 1,00,000, they will have to charge a GST of Rs. 18,000 from the buyer.

The HSN code for iron ingots is 7206. This code is used to classify iron ingots in the GST tariff. When a business owner files their GST returns, they must mention the HSN code for the goods they have sold or purchased. This ensures that the GST authorities can accurately assess the tax liability of the business owner.

Conclusion

In conclusion, it is important for small and medium business owners and startup founders to understand the GST rates and HSN code for iron ingots. This information can help them in their business operations and ensure that they comply with GST regulations. The GST rate for iron ingots is 18%, and the HSN code for iron ingots is 7206.

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