As a small or medium-sized business owner, navigating the world of taxes can be a daunting task. One particular area that can be especially confusing is understanding the GST rates and HSN code for nickel powders. In this article, we will break down everything you need to know about nickel powders and their associated GST rates and HSN code.
Nickel powders are a type of metal powder that are made from nickel. They are commonly used in a variety of industrial applications, including the production of stainless steel, batteries, and electronics.
Under the GST system in India, nickel powders are classified under the HSN code 7504. This code falls under the “Other Articles of Nickel” category.
When it comes to GST rates for nickel powders, there are a few different rates you need to be aware of:
1. 5% GST is applicable on nickel powders that are used in the manufacture of coins.
2. 18% GST is applicable on all other nickel powders.
It’s important to note that these rates are subject to change, so it’s always a good idea to double-check the latest rates before making any decisions.
We’ve already mentioned that nickel powders are classified under the HSN code 7504. This code covers a range of different “Other Articles of Nickel,” including:
1. Nickel bars, rods, profiles, and wire
2. Nickel plates, sheets, strip, and foil
3. Nickel tubes, pipes, and fittings
4. Nickel screws, bolts, nuts, and other fasteners
5. Nickel springs and leaves
If you are importing or exporting nickel powders, it’s important to ensure that you are using the correct HSN code to avoid any confusion or delays in the process.
Understanding the GST rates and HSN code for nickel powders is an important aspect of running a small or medium-sized business. By following the guidelines outlined in this article, you can ensure that you are correctly classifying and taxing your nickel powder products.
Here are some useful resources for further reading:
Immovable Property Renting- GST Law - Place of Supply Registration
Iron Plated Coated - GST Rates & HSN Code 7210
What is a Bill of Supply?