The Indian economy has witnessed a major change with the implementation of the Goods and Services Tax (GST) in 2017. The GST has simplified the tax structure in India and has brought all the taxes under one umbrella. Under GST, all goods and services are categorized based on HSN (Harmonized System of Nomenclature) codes. These codes help in the classification of goods by the government and also aid in the calculation of taxes.
If you are a small or medium business owner or a startup founder dealing in precious metal ores and concentrates, it is important for you to know the GST rates and HSN code for your products. This will help you in better tax compliance and also in avoiding any penalties for incorrect tax filing.
The HSN code for precious metal ores and concentrates is 2616. Precious metal ores and concentrates are classified under HSN code 2616, which falls under the category of mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes.
The GST rates for precious metal ores and concentrates vary based on the type of metal and the purity of the metal. The GST rates for precious metal ores and concentrates are as follows:
1. Gold ores and concentrates – 3%
2. Silver ores and concentrates – 3%
3. Platinum ores and concentrates – 3%
4. Palladium ores and concentrates – 3%
5. Other precious metal ores and concentrates – 3%
It is important to note that if the metal content in the ore or concentrate is less than 99.5%, the GST rate applicable is 18%. However, if the metal content is 99.5% or more, the GST rate applicable is 3%.
The GST rates for precious metal ores and concentrates depend on the type of metal and the purity of the metal. To determine the GST rate for your product, you need to know the metal content in the ore or concentrate. If the metal content is less than 99.5%, the GST rate applicable is 18%. If the metal content is 99.5% or more, the GST rate applicable is 3%.
Knowing the GST rates and HSN code for precious metal ores and concentrates is important for small and medium business owners and startup founders. The GST rates vary based on the type of metal and the purity of the metal. To determine the GST rate for your product, you need to know the metal content in the ore or concentrate. This will help you in better tax compliance and also in avoiding penalties for incorrect tax filing.
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