As an Indian small and medium business owner or startup founder, understanding the GST rates and HSN code for your products is crucial to ensure GST compliance. In this article, we will discuss unwrought tin and its corresponding GST rates and HSN code.
Unwrought tin refers to tin that is not refined or processed. It is commonly used in the manufacturing of alloys, including bronze, pewter, and solder.
The GST rate for unwrought tin is 18%. This means that businesses selling unwrought tin will need to charge their customers 18% GST on the sale price.
The HSN code for unwrought tin is 8001. This code is used to classify goods for GST purposes. Businesses selling unwrought tin will need to use this code when filing their GST returns.
It is important to note that businesses with an annual turnover of up to Rs. 1.5 crores can opt for the Composition Scheme. Under this scheme, businesses can pay a lower rate of GST (1% for manufacturers, 2.5% for restaurant businesses, and 5% for other businesses) and are not required to maintain detailed records. However, businesses under the Composition Scheme are not eligible for input tax credits.
Understanding the GST rates and HSN code for your products is crucial to ensure GST compliance. For unwrought tin, the GST rate is 18% and the HSN code is 8001. Businesses selling unwrought tin should ensure that they are charging the correct amount of GST and using the correct HSN code when filing their GST returns.
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