GST or Goods and Services Tax is the new taxation system implemented in India from July 1, 2017. GST aims to streamline the indirect tax system and make it more transparent, efficient, and easy to understand for businesses and consumers alike. The new tax regime has brought in a single tax system that replaces multiple taxes like VAT, excise duty, and service tax, among others.
While GST has definitely simplified the Indian indirect tax system, businesses still need to understand the tax rates and HSN codes for different goods and services. In this article, we will discuss the GST rates and HSN code for Iron Not Clad.
Iron Not Clad is a type of iron product that is not covered or coated with any other material. It is a raw and unprocessed iron product that is used for various purposes such as construction, manufacturing, and fabrication, among others.
As per the GST regime, Iron Not Clad falls under the category of Chapter 72 of the GST Tariff Act. The GST rate for Iron Not Clad is 18%. This rate is applicable for all types of Iron Not Clad products that fall under Chapter 72.
HSN or Harmonized System of Nomenclature is a code system used for classifying goods under the GST regime. The HSN code for Iron Not Clad is 7211. This code is applicable for all types of Iron Not Clad products that fall under Chapter 72.
Understanding the GST rates and HSN code for different goods and services is important for businesses to comply with the GST regime. In this article, we discussed the GST rates and HSN code for Iron Not Clad. Businesses that deal with Iron Not Clad products need to ensure that they charge the correct GST rate and mention the correct HSN code in their invoices.
Knowing The Updated GST Rates in 2023
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