India is one of the largest consumers of Platinum in the world, and the metal plays a significant role in various industries. As a business owner or startup founder dealing with Platinum, understanding the corresponding GST rates and HSN code is essential. In this article, we will dive into the details of the Platinum industry and the corresponding GST rates and HSN code.
Platinum is a precious metal that is widely used in the jewelry industry as well as in industrial applications. It has a high melting point, excellent resistance to corrosion, and is an excellent catalyst. Platinum is also used in the manufacturing of catalytic converters, electronic devices, and medical equipment.
The GST Council has classified Platinum under Chapter 71 of the GST tariff. Platinum, whether in the form of unwrought or in a semi-manufactured state, attracts a GST rate of 3%. The GST rate for Platinum jewelry is 3% as well.
It's essential to note that the GST rate for Platinum articles studded with diamonds or other precious stones is 5%. Additionally, GST is not charged on Platinum coins, medallions, or bullion.
HSN stands for Harmonised System of Nomenclature, a code system used to classify goods for taxation purposes. The HSN code for Platinum is 7110.
The HSN code for Platinum articles studded with diamonds or other precious stones is 7102. Additionally, Platinum coins, medallions, or bullion fall under the HSN code 7118.
Understanding the GST rates and HSN codes for Platinum is crucial for any small and medium business owner or startup founder dealing with Platinum. The GST rates and HSN codes help businesses determine the tax liabilities on Platinum goods and also aid in customs clearance.
It's important to note that GST rates and HSN codes are subject to change, and businesses should keep themselves updated with the latest changes.
It's advisable to consult with a tax expert or CA to ensure compliance with tax regulations and avoid any legal issues.
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