Mild steel is a type of steel made with low-carbon content. It is a very popular raw material across various industries, such as construction, industries, heavy industries, and fabrication. It has many attractive key features, such as being very malleable, ductile, offering high tensile strength, resistance to corrosion, and durability. These things make it a top choice for people associated with manufacturing. However, it is important to be aware of their feasibility. To help you make an informed decision about their cost, we will discuss the MS plate HSN code and the MS plate GST rate in India in this blog.
What is the Mild Steel HSN Code
The MS plates are highly in demand and used in a variety of industries. Therefore, they fall in the scope of supply under the GST law and are taxable. There is no exemption available for MS plates under the GST law. Currently, the GST rate of 18% applies to the supply of MS plates. For fair prices and a transparent billing process, contact Laxmi Enterprise. Being a trusted MS steel product supplier in Vadodara, with years of legacy, we provide the highest-quality MS plates. We source our raw materials from certified vendors, refine them at our own facility, and export to our customers. For bulk orders of MS products, call us!
What are the Applications of Mild Steel
- Making the structural framework for buildings, bridges, warehouses, and railway stations.
- MS steel plates are used to make storage tanks, machinery parts, automotive chassis, and frames.
- They are also used for oil drilling, cutting, and forming into specific shapes.
MS Plates HSN Code and GST Rate in India
Mild steel plates fall under chapter 72 of the HSN (Harmonized System of Nomenclature), which covers steel and iron products. In this, MS plates are classified under HSN code 7208 or 7209, depending upon the process of their production: hot-rolled or cold-rolled.
Under the GST regime in India, MS plates attract the GST rate of 18%, which includes 9% CGST/SGST or 18% IGST. The applicable GST rate remains the same regardless of the end use. Correct classification of MS plates under the appropriate HSN code is crucial for accurate GST invoicing, compliance, and input tax credit claims.
MS Product HSN Code and GST Applicable
| Mild Steel Product | HSN Code | Description | GST Rate |
|---|---|---|---|
| Mild Steel Bars & Rods | 7214/ 7215 | Solid MS bars are used in construction and fabrication | 18% |
| Mild Steel Angles, Channels & Sections | 7216 | Structural MS items like angles, MS channels, and beams | 18% |
| Mild Steel Plates & Sheets (Hot Rolled) | 7208 | Thick MS sheets are used in industrial applications | 18% |
| Mild Steel Sheets & Coils (Cold Rolled) | 7209 | Smooth finish MS sheets for precision work | 18% |
| Mild Steel Pipes & Tubes (Welded) | 7306 | MS pipes are used for water, gas, and fabrication | 18% |
| Mild Steel Pipes & Tubes (Seamless) | 7304 | High-strength MS pipes without welding joints | 18% |
| Mild Steel Wire | 7217 | Mild steel wire for binding, fencing, and manufacturing | 18% |
| Mild Steel Flats | 7215 | Flat MS strips are used in frames and supports | 18% |
| Mild Steel Scrap | 7204 | Recyclable MS waste material | 18% |
| Fabricated Mild Steel Products | 7326 | MS items made after cutting, bending, and welding | 18% |
Conclusion
Understanding the mild steel HSN code applicability and GST rates for MS plates is essential for smooth business operations and statutory compliance. Accurate classifications under the appropriate HSN category help in avoiding penalties ensures accurate input tax credit claims, and helps avoiding invoicing errors. Laxmi Enterprise is the largest MS plate supplier in Vadodara, which is also a testament to truthful invoice filing and compliance with tax regulations. We supply MS plates, MS beams, MS channels, and MS TMT bars. Call us to enquire about the products.
Frequently Asked Questions (FAQs)
The mild steel plate falls under the HSN code 72082510.
The HSN code 998313 falls under the information technology consulting and support services.
The HSN code might vary by country. The main code of 7208 remains the same, but different countries might add extra digits to it.
Yes, the World Customs Organization (WCO) updates the HSN system every five years.