Spanners and wrenches are essential tools for mechanical and engineering industries. However, small and medium business owners in India may not be aware of the GST rates and HSN code for these tools. Understanding the GST rates and HSN code for spanners and wrenches can help business owners save money and avoid penalties. In this article, we will discuss the basics of GST, the HSN code for spanners and wrenches, the applicable GST rates, and how to file your GST returns.
GST or Goods and Services Tax is a comprehensive tax levied on the supply of goods and services in India. GST replaced multiple indirect taxes such as excise duty, VAT, and service tax. The GST Act was implemented on 1st July 2017, and it is a consumption-based tax that is levied on the value addition of a product or service.
HSN or Harmonized System of Nomenclature is a code system developed by the World Customs Organization. HSN code is used to classify goods and services for taxation purposes. The HSN code for spanners and wrenches is 8204. This code is used for hand tools, including spanners, wrenches, sockets, and drive handles.
The applicable GST rate for spanners and wrenches is 18%. This rate is applicable for both the HSN code 8204 and its subheadings.
Business owners who deal with spanners and wrenches must file their GST returns periodically. GST returns are filed online on the GST portal. GST returns must be filed by the 20th of the following month.
To file your GST returns, you need to follow these steps:
1. Log in to the GST portal using your credentials.
2. Select the return filing period.
3. Fill in the details of the outward supplies made during the period.
4. Fill in the details of the inward supplies received during the period.
5. Upload the relevant documents such as invoices and bank statements.
6. Submit your GST returns.
Non-filing of GST returns can result in penalties and fines. Hence, it is essential to file your GST returns on time.
In conclusion, understanding the GST rates and HSN code for spanners and wrenches is essential for small and medium business owners in India. The HSN code for spanners and wrenches is 8204, and the applicable GST rate is 18%. Filing your GST returns on time can help you avoid penalties and fines.
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