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TMI BlogGST RATE FOR MACHINED CASTINGS.X X X X Extracts X X X X X X X X Extracts X X X X ..... GST RATE FOR MACHINED CASTINGS. X X X X Extracts X X X X X X X X Extracts X X X X ..... ning. We are in confusion about HSN Code for Machined Castings. Can you please help me which HS code will be applicable for Machined castings and rate of GST for machined castings. Reply By KASTURI SETHI: The Reply: Above Chapter/Heading/Sub-heading Notes/HSN codes are correct for machined castings. Regarding GST rates of machined castings, these are still to be finalized. Checked all sites. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se codes for rates are missing in every site. Reply By MADAN RAHEJA: The Reply: Castings of Iron and Steel are rightly classifiable under heading 7325 of Customs Tariff. As regards fully machined cast articles, these are classified as Parts of respective goods. Coming to GST rates you may refer to S.No, 453 of Notification 1/2017-Integrated Tax (Rate), where under all goods falling under any cha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pter of Customs Tariff which are not specified in Schedule I, II, IV, V or VI of this Notification, would be chargeable to an IGST of 18% for inter-state supply. For intra-state, similar Notification in respect of CGST prescribes tax @ 9% CGST. Same rate of 9% is applicable for SGST/UTGST. Reply By KASTURI SETHI: The Reply: Sh.Madan Raheja, an expert has thrown light on the issue. Thanks for his ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efforts. There is no doubt about classification of the goods i.e. machined castings. Doubt about GST rate arises because all relevant websites (including CBEC's site) misses only 7325 99 10, 73259920, 73259930. I mean to say only 73.25 is missing everywhere. Specific entry is required.In such a situation, the words "Not elsewhere specified" may not be applicable and may not serve t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he purpose. Still it is not clear-cut picture. Reply By MADAN RAHEJA: The Reply: In my opinion, legal provisions are very clear. After 1st July, 2017, when GST became operative, it cannot be said that rates of tax on any goods has not yet been decided. Under Section 7 of IGST Act and Section 9 of CGST Act, on the recommendation of GST council, Central Government has notified GST rates of all go ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ods. Respective Notifications have 6 Schedules prescribing 6 rates for all goods (Except goods exempted by a separate notification). These rates are 5%, 12%, 18%, 28%, 3% and 0.25%. Against description of goods in each Schedule, tariff item, sub-heading, heading and chapter as specified in the First Schedule to the Customs Tariff Act, have been mentioned. Even Rules of interpretation of said tarif ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f have also been adopted as mentioned in foot note to the notification. Schedule III of this notification details goods with 18% IGST (9% CGST+9% SGST), the last entry of this Schedule reads "all goods falling under any chapter of Customs Tariff which are not specified in Schedule I, II, IV, V or VI". Thus any goods as per description of Customs tariff which do not find specific mention in any of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Schedules of this Notification would attract 18% GST.
Reply By KASTURI SETHI:
The Reply:
Sh.Madan Raheja Ji,
I fully agree with you. I appreciate your method of correlation.
Reply By KASTURI SETHI:
The Reply:
I was after specific and complete HSN Code with 18% rate of GST, like a ghost. X X X X Extracts X X X X X X X X Extracts X X X X
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