GST Rates and HSN Code for Prepared Binders Foundry Moulds Cores

Prepared binders, foundry moulds, and cores play an important role in the manufacturing process of various industries. The Goods and Services Tax (GST) was introduced in July 2017 to simplify the indirect tax structure in India. Since then, it has become mandatory for businesses to comply with GST regulations when buying and selling goods and services.

This article will focus on the GST rates and HSN code for prepared binders, foundry moulds, and cores. It is essential for small and medium business owners and startup founders in the manufacturing sector to understand these rates and codes for proper compliance.

GST Rates for Prepared Binders Foundry Moulds Cores

The GST rate for prepared binders, foundry moulds, and cores is 18%. This rate is applicable to all types of binders, including resin binders, organic binders, and inorganic binders. The GST rate is determined based on the value of the goods, which includes the cost of production, transportation, and any other charges incurred during the manufacturing process.

It is important to note that the GST rate for prepared binders, foundry moulds, and cores is subject to change. Business owners and startup founders should keep themselves updated with the latest GST regulations to avoid any penalties or legal consequences.

HSN Code for Prepared Binders Foundry Moulds Cores

The Harmonized System of Nomenclature (HSN) is a globally accepted system for the classification of goods. The HSN code for prepared binders, foundry moulds, and cores is 3824. This code is used to identify the goods for proper taxation and other regulatory purposes.

Business owners and startup founders should ensure that they use the correct HSN code when buying or selling prepared binders, foundry moulds, and cores. In case of any discrepancies, they may face legal consequences and penalties.

Conclusion

Understanding the GST rates and HSN code for prepared binders, foundry moulds, and cores is crucial for small and medium business owners and startup founders in the manufacturing sector. Non-compliance with GST regulations may result in penalties and legal consequences. Therefore, it is advisable to keep oneself updated with the latest GST regulations and consult a tax professional if required.