Implementation of Goods and Service Tax changed the way of doing business in India. Right from the very implementation point, it has impacted various industries, iron and steel industry not been excluded. It is this backdrop that this paper will attempt to look at the tax rate under GST for iron and steel, the effect and why the registration for GST is a must for any business entity who is dealing in this product.
GST Rates on Iron and Steel
The GST Council has divided the iron and steel products into different tax slabs. Following are some of the common iron and steel product GST rates:
Bars, rods, and coils of iron and steel: 18% Stainless steel products: 18% Wires of iron and steel: 18% Iron and steel tubes and pipes: 18% Castings in iron and steel: 18% Steel scrap: 18%
Not only this, but the implementation of GST registration in any iron and steel product-related firm is one of the mandatory inclusions. In the meantime, some of the benefits that a business can draw from obtaining GST registration in the business include:
- Avail input tax credit for the purchases
- Passing on the tax to the customer
- Increase in business credibility
- Expansion of business
Benefits of GST Registration with e-StartupIndia
We at E-StartupIndia shall assist you with hassle-free registration for the GST. Our experts shall help you go through a seamless process of registration and guarantee you full compliance with the regulations. Avail our services to—
- Focus on core business activities
- Ensure timely filing of the GST returns, compliance
- Avail expertise for any advice related to the GST matters
Conclusion
Surely, every iron and steel trading business entity is concerned with GST registration. Proper guidance will certainly help any business concern climb out from the maze of this GST framework. e-StartupIndia helps you with all GST-related registration requirements under one umbrella.
Moreover, If you want any other guidance relating to GST Registration online, please feel free to talk to our business advisors at 8881-069-069.
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