As a small or medium business owner or startup founder in India, it is important to understand the GST rates and HSN code for the goods and services you deal with. This article is focused on Mineral Substances and provides an in-depth understanding of the GST rates and HSN code for this category of goods.
Mineral substances are naturally occurring substances found in the earth's crust. These substances are extracted from the earth and are used for various purposes, such as manufacturing, construction, and agriculture.
The GST rates for Mineral Substances vary depending on the type of substance and the purpose for which it is used. In general, most Mineral Substances fall under the 5% GST rate bracket.
1. Carbonates and Peroxides
2. Silicates and Aluminosilicates
3. Titanium and its ores
4. Iron ore concentrates including roasted iron pyrites
It is important to note that the GST rates for Mineral Substances may change from time to time, and it is important to stay updated with the latest GST rates and rules to avoid any penalties or fines.
The HSN code for Mineral Substances falls under HSN code 2530. This includes all Mineral Substances, including ores, concentrates, and non-metallic minerals.
It is important to mention the correct HSN code when filing your GST returns to avoid any issues with the tax authorities. Failing to mention the correct HSN code can result in penalties and fines.
Understanding the GST rates and HSN code for Mineral Substances is important for small and medium business owners and startup founders in India. It is important to stay updated with the latest GST rates and rules to avoid any penalties or fines. By following the guidelines mentioned in this article, you can ensure that you are following the correct procedures and avoiding any issues with the tax authorities.
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