In the world of taxation and trade, the Harmonized System of Nomenclature (HSN) plays a crucial role in categorizing goods for taxation purposes. The HSN code 8482 pertains to ball or roller bearings, an essential component used in various industries. This blog aims to shed light on HSN code 8482, its implications, and the associated Goods and Services Tax (GST) rate.
HSN Code 8482: Explained
The HSN code is a globally recognized system for classifying goods based on a standardized coding structure. HSN code 8482 specifically encompasses ball or roller bearings, which are mechanical devices that enable smooth rotational or linear movement between two parts. These bearings are widely used in industries such as automotive, aerospace, manufacturing, and more.
GST Rate for HSN Code 8482:
Under the Goods and Services Tax (GST) regime implemented in India, each HSN code is assigned a specific tax rate. For HSN code 8482, the GST rate depends on the type and size of the bearings. The applicable GST rate for bearings falls under the 8482 HSN code as follows:
- Bearings with an Inner Diameter (ID) of up to 22 mm:
- The GST rate for these bearings is 18%.
- Bearings with an Inner Diameter (ID) above 22 mm:
- The GST rate for these bearings is 28%.
It’s important to note that the GST rates are subject to change as per government regulations and updates. Therefore, businesses and individuals dealing with goods falling under HSN code 8482 should stay updated with the latest GST rates.
Implications of HSN Code 8482 and GST Rate:
- Tax Compliance: By assigning an HSN code and GST rate to a specific category of goods, the government ensures uniformity in tax calculation and compliance. Businesses dealing with bearings falling under HSN code 8482 must adhere to the corresponding GST rate while billing and filing tax returns.
- Cost Considerations: The GST rate associated with HSN code 8482 can have an impact on the overall cost of the bearings. Manufacturers and traders need to account for the applicable tax rate while pricing their products, which ultimately affects the end consumer.
- Input Tax Credit: One of the key advantages of the GST system is the provision of input tax credit (ITC). Businesses can claim ITC for the GST paid on their purchases, including bearings falling under HSN code 8482. This mechanism helps in reducing the overall tax liability and promoting a seamless flow of credits within the supply chain.
Conclusion
The HSN code 8482 plays a significant role in classifying ball or roller bearings for taxation purposes. Businesses involved in the manufacturing, trading, or importing of bearings falling under this code must understand the applicable GST rates and comply with the tax regulations. Staying updated with the latest GST rates and leveraging the benefits of input tax credits can contribute to effective tax management and smoother operations in the bearing industry.
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Frequently Ask QuestionÂ
Q1: What does HSN code 8482 represent?
HSN code 8482 represents ball or roller bearings. It is a classification code used to categorize these mechanical devices for taxation purposes.
Q2: What is the GST rate for HSN code 8482?
The GST rate for HSN code 8482 depends on the size of the bearings. Bearings with an inner diameter (ID) of up to 22 mm are taxed at 18%, while bearings with an ID above 22 mm attract a GST rate of 28%.
Q3: Are there any exemptions or reduced GST rates for HSN code 8482?
No, currently there are no specific exemptions or reduced GST rates applicable to bearings falling under HSN code 8482. The rates mentioned earlier (18% and 28%) are the standard rates.
Q4: Are there any separate GST rates for different types of bearings under HSN code 8482?
No, the GST rates for HSN code 8482 are based solely on the size of the bearings (specifically, the inner diameter). The type or specific characteristics of the bearings do not affect the GST rate.
Q5: Do the GST rates for HSN code 8482 apply to both domestic and imported bearings?
Yes, the GST rates for HSN code 8482 apply to both domestic and imported bearings. The tax liability remains the same irrespective of the origin of the bearings.
Q6: Are the GST rates for HSN code 8482 subject to change?
Yes, the GST rates for all HSN codes, including 8482, are subject to change as per government regulations and updates. Businesses and individuals need to stay updated with the latest GST rates to ensure compliance.
Q7: Can businesses claim an input tax credit (ITC) for bearings falling under HSN code 8482?
Yes, businesses dealing with bearings falling under HSN code 8482 can claim an input tax credit (ITC) for the GST paid on their purchases. This provision allows them to offset the tax liability and promote a seamless flow of credits within the supply chain.
Q8: Is it mandatory to mention the HSN code 8482 on invoices and tax returns?
Yes, as per GST regulations, it is mandatory to mention the appropriate HSN code (8482 for bearings) on invoices and tax returns when dealing with a ball or roller bearings. Accurate classification helps in maintaining transparency and uniformity in tax compliance.
Q9: Where can I find the latest GST rates for HSN code 8482?
The latest GST rates for HSN code 8482 can be found on the official website of the Goods and Services Tax Network (GSTN) or the official government portal related to GST. Additionally, consulting with tax professionals or chartered accountants can provide up-to-date information on GST rates.
Q10: Are there any specific compliance requirements for businesses dealing with bearings under HSN code 8482?
Businesses dealing with bearings under HSN code 8482 need to comply with GST regulations, including accurate invoicing, timely filing of tax returns, and maintaining proper records of purchases and sales. It is advisable to consult tax professionals for specific compliance requirements and any recent updates in the tax laws.
