Wire rods are an important element in the manufacturing industry that is widely used in construction, automotive, and other key sectors. They are made from hot-rolled steel and are available in different sizes, grades and compositions. In this blog, we will be discussing the GST rate and HSN code applicable to wire rods.
Wire rods fall under the category of iron and steel and are classified under the Harmonized System of Nomenclature (HSN) code 8311. The GST rate for wire rods is 18%.
The HSN code for wire rods is 8311. This code is used to identify the product and determine the tax rate applicable to it. The HSN code is used all over the world to classify products for taxation purposes.
The introduction of the Goods and Services Tax (GST) has had a significant impact on the wire rod industry. The GST has replaced all the indirect taxes such as Excise, VAT, and Service tax that were previously levied on this product. With the introduction of GST, the tax structure has become more streamlined and transparent, leading to better compliance and ease of doing business.
In conclusion, the GST rate for wire rods is 18% and the HSN code is 8311. The introduction of GST has had a significant impact on the wire rod industry by streamlining the tax structure and making it more transparent. This has led to better compliance and ease of doing business. If you are a business owner dealing with wire rods, it is essential to understand the GST rates and HSN code to ensure that you are paying the right amount of tax and avoiding any legal issues.
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