Waste of precious metal is a category of goods that falls under the GST (Goods and Services Tax) system. The GST is a comprehensive indirect tax that has replaced many of the indirect taxes that were previously in place in India. Waste of precious metal is classified under the HSN (Harmonized System of Nomenclature) code 7112, which means that it is subject to specific GST rates.
The GST rates for waste of precious metal depend on the type of waste and the purity of the metal. The following table outlines the GST rates for different types of waste of precious metal:
Type of Waste Purity CGST SGST IGST Waste and scrap of gold Unrefined gold with a purity of 99.5% or more2.5% 2.5% 5% Waste and scrap of silver Unrefined silver with a purity of 99.5% or more 2.5% 2.5% 5% Waste and scrap of platinum Unrefined platinum with a purity of 99.5% or more 2.5% 2.5% 5%
It is important to note that the GST rates for waste of precious metal are subject to change, so it is important to stay up-to-date with the latest rates.
The HSN code for waste of precious metal is 7112. This code is used to classify goods for taxation purposes. Waste of precious metal includes any material that contains gold, silver, or platinum, but is not in a usable form. This can include scrap jewelry, electronic waste, and any other material that contains these precious metals.
The impact of GST rates and HSN code on small and medium business owners and startups depends on the nature of their business. If a business deals with waste of precious metal, they will need to be aware of the specific GST rates and HSN code for their products. This will enable them to accurately calculate their taxes and avoid any penalties or fines.
It is important for small and medium business owners and startups to stay up-to-date with the latest GST rates and HSN codes to ensure that they are complying with the law and avoiding any potential problems with the tax authorities.
Waste of precious metal is a category of goods that is subject to specific GST rates and is classified under the HSN code 7112. The GST rates for waste of precious metal depend on the type of waste and the purity of the metal. Small and medium business owners and startups that deal with waste of precious metal should be aware of the specific GST rates and HSN code for their products to ensure that they are complying with the law and avoiding any potential problems with the tax authorities.
CBIC On Different Types of Declared Services under GST
GST Return Provisions Under Revised Model GST Law
Earn with Swipe : Earn upto Rs. 12,999!
