Durable, straightforwardly-fabricated, and withstanding significant levels of pressure- MS square pipes are frequently seen across construction and manufacturing aspects. Being composed of mild steel, these pipes are available in various sizes and can be employed for multiple purposes, from fencing to scaffolding and beyond. The HSN code in relation to MS square pipes is an issue we will review here, assessing its implications for importing and exporting these pipes.
Unlocking the HSN Code: What is it?
The Harmonized System of Nomenclature, widely known as HSN, is a comprehensive cataloging system accepted globally to identify goods and services traded, or to be traded, between countries. Alphanumeric codes, referred to as HSN codes, are assigned to distinguish physical goods according to their properties, such as components, uses and compositions. In India, these codes are applied when determining taxation under the Goods and Services Tax (GST) scheme.
Identifying the Harmonized Tariff System Number for MS Square Tubes
All types of steel pipes, including MS square pipes, come under the 6-digit HSN code 7304. This code is used for identifying tubes, pipes, and hollow profiles made of iron or steel. A further breakdown of this code is available according to various subheadings depending on the specific kind of pipe. For instance, HSN code 7304.41 pertains to tubes and pipes of circular cross-section constructed from stainless steel or other alloy steels. Furthermore, HSN code 7304.49 applies to other tubes, including MS square varieties.
Leveraging HSN Codes in the International Export of MS Square Pipes
A pivotal role in India’s import and export of MS square pipes is filled by the HSN code, which must be declared by all importers and exporters. This code is utilised to ascertain the applicable GST (Goods and Services Tax) amount on the products in question. The quantity of GST for certain products depends on their particular HSN code, and MS square pipes, for instance, hold a GST rate of 18%.
In addition, the HSN code streamlines goods that go through customs. Neglecting to provide an exact HSN code can result in scrutiny and delay at the customs, which on its own could easily create a glitch in the supply chain and result in monetary and image-related deficits.
To sum up, MS square pipes are classified and their GST rate is computed through the HSN code 7304. Sound knowledge of this code is essential for everyone dealing with these pipes, whether it be traders imports or exports. Omitting this information or incorrectly declaring it can result in nasty financial, and even legal reprisals. So, it is indispensable to comprehend the HSN code for MS square pipes, guaranteeing a hassle-free transition at the customs border.
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Post time: 2023-05-27