Tubes and pipes of iron line pipe are an essential component of various industries such as construction, oil and gas, and infrastructure development. Be it water supply pipelines or gas pipelines or sewage pipelines, iron line pipes are the backbone of transportation and transfer of fluids and gases.
These pipes are made of iron and are manufactured in various sizes, thicknesses, and grades. The GST council has assigned a specific HSN code and GST rate for Tubes and Pipes of Iron Line Pipe. In this article, we shall discuss in detail the GST rates and HSN code for Tubes and Pipes of Iron Line Pipe.
The HSN code for Tubes and Pipes of Iron Line Pipe is 7304. The GST rate for Tubes and Pipes of Iron Line Pipe is 18%.
HSN stands for Harmonized System of Nomenclature, and it is a six-digit identification code that is used to classify goods under the GST system. HSN codes are mandatory for businesses with an annual turnover of more than Rs. 1.5 crores.
When you purchase or sell tubes and pipes of iron line pipe, you must mention the HSN code and the applicable GST rate in your invoice.
The GST rate of 18% is applicable to Tubes and Pipes of Iron Line Pipe. However, there are certain exemptions and concessions available under the GST regime for the manufacturing and supply of these pipes.
1. Tubes and pipes of iron line pipe used in irrigation systems
2. Tubes and pipes of iron line pipe used for drinking water supply
3. Tubes and pipes of iron line pipe used for sewerage systems
However, it is important to note that these exemptions are applicable only if the pipes and tubes are used for the specified purposes mentioned above. If the pipes and tubes are used for any other purpose, then the standard GST rate of 18% is applicable.
Tubes and pipes of iron line pipe are a critical component of various industries, and the GST council has assigned a specific HSN code and GST rate for these products. The HSN code for Tubes and Pipes of Iron Line Pipe is 7304, and the GST rate is 18%.
It is crucial to mention the HSN code and applicable GST rate in your invoices when you purchase or sell these products. Additionally, if the pipes and tubes are used for irrigation, drinking water supply or sewerage systems, then certain exemptions and concessions are available under the GST regime.
Overall, this article has provided you with a detailed understanding of the GST rates and HSN code for Tubes and Pipes of Iron Line Pipe.
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