When it comes to the manufacturing of different types of iron and steel products, pig iron plays a crucial role. It is the intermediate product that is derived from iron ore in a blast furnace. Pig iron is widely used in the production of wrought iron, cast iron, and steel.
According to the Goods and Services Tax (GST) regulations in India, pig iron is classified under HSN code 7201. The GST rates for pig iron vary depending on the type and grade of the product. Below are the GST rates for pig iron:
1. Pig iron with a carbon content of less than 2% - 18%
2. Pig iron with a carbon content of 2% or more - 28%
It is important to note that these rates are subject to change as per the GST Council's decisions.
The HSN code for pig iron is 7201. This is the same code that is used for other products of iron and steel that are obtained through smelting or refining.
So, that's everything you need to know about the GST rates and HSN code for pig iron. If you are a business owner or startup founder dealing with pig iron, it is essential to be aware of these regulations to avoid any penalties or legal issues.
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