India's goods and services tax (GST) is a value-added tax (VAT) on goods and services. The GST tax structure provides specific tax rates for different products, one of which is pipe fittings of iron. This article discusses the GST rates and HSN code for pipe fittings of iron.
1. 18% for pipe fittings with a maximum diameter of 300mm
2. 28% for pipe fittings with a diameter greater than 300mm
This means that if you purchase pipe fittings of iron with a diameter greater than 300mm, you will be subject to a higher GST rate.
The HSN code for pipe fittings of iron is 7307. This code is used to classify goods for tax purposes. By using an HSN code, the GST authorities can determine the appropriate tax rate for the goods being sold.
It is important to note that if you are a small business owner or a startup founder, the GST rate and HSN code for pipe fittings of iron may impact your business. Understanding these rates and codes can help you calculate the appropriate tax liability and avoid any penalties for non-compliance with the GST law.
Pipe fittings of iron are subject to GST in India, and the appropriate tax rate is determined by the diameter of the fitting. The HSN code for pipe fittings of iron is 7307. Small business owners and startup founders need to understand these rates and codes to avoid any issues with GST compliance.
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