In India, since the implementation of the GST regime, every product or service is classified under specific HS codes, and GST rates are applied accordingly. These codes and rates play a significant role in maintaining records, calculating tax liabilities, and claiming input tax credit. In this article, we will discuss the GST rates and HSN code for Other, which is classified under the broad category of Goods and Services.
Under the HSN code 7139, the products that fall under the category of Other include the following:
1. Other articles of glass: This includes articles made from glass, such as mirrors, lenses, prisms, and glassware such as vases, bowls, etc.
2. Other articles of copper: This includes articles made from copper, such as wires, cables, pipes, and other copper-based products.
3. Other articles of iron or steel: This includes articles made from iron or steel, such as pipes, tubes, wire mesh, nails, screws, and other iron or steel-based products.
4. Other articles of aluminum: This includes articles made from aluminum, such as sheets, plates, foils, and other aluminum-based products.
5. Other articles of plastics: This includes articles made from plastics, such as pipes, fittings, and other plastic-based products.
Under GST, the rates applicable to goods falling under the HSN code 7139 are as follows:
1. Goods falling under the HSN code 7139 are taxed at the rate of 18%.
2. For goods falling under the HSN code 7139, the GST rate is 9% if they are packed in containers with a capacity of 10 liters or less.
3. In case of goods falling under the HSN code 7139, the GST rate is 5% if they are packed in containers with a capacity of 5 liters or less.
The GST rates and HSN code for Other play a significant role in the calculation of tax liabilities and the claiming of input tax credit. Businesses dealing in goods falling under the HSN code 7139 must keep themselves updated with the latest regulations and rates to avoid any penalties or legal issues. It is advisable to consult a tax expert or a chartered accountant for any GST-related queries or issues.
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