For any industrial or commercial product, there are various processes involved and one of the most critical processes is the rolling of iron. Rolled Coiled Of Iron is a widely used material in various sectors like construction, automobile, machinery, and many more. GST or Goods and Services Tax is a comprehensive indirect tax on the manufacture, sale, and consumption of goods and services throughout India. In this article, we will discuss the applicable GST rates and HSN code for Rolled Coiled Of Iron.
According to the GST council, Rolled Coiled Of Iron falls under Chapter 72 of the GST tariff. The GST rate applicable on Rolled Coiled Of Iron is 18%. The 18% GST rate is applicable for both hot and cold-rolled coils of iron. However, if the rolled coiled of iron is used to manufacture iron pipes or tubes, the GST rate is 12%. If it is used to manufacture iron wire, the GST rate is 5%.
It's essential to keep in mind that if the Rolled Coiled Of Iron is exported, it is exempted from GST.
HSN or Harmonized System of Nomenclature codes are a set of codes used to classify goods and products in international trade. The HSN code for Rolled Coiled Of Iron is 7213.
HSN code 7213 is applicable to Rolled Coiled Of Iron, not further worked than hot-rolled, in coils. The code is also applicable to hot-rolled products of another alloy steel, in coils.
In conclusion, Rolled Coiled Of Iron being applicable to GST at 18%, with exceptions for different manufacturing purposes, is a crucial factor to keep in mind for businesses dealing with the material. The HSN code 7213 should also be kept in mind for classification purposes.
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