GST rates and HSN code 8457 for Machining Centres

For the classification and sorting of products across the world, HSN code is used to differentiate one product from other products. The HSN code is used to trade goods or services within and outside India. The code specifies the product for trading, and the code number extends as per the business income to specify that the goods comply with GST.

The HSN code & GST rate for Machining Centres & Transfer Machines for Metal Working is given as 8457 beneath chapter 84.0 of Nuclear reactors, boilers, machinery besides mechanical appliances, and parts thereof. Read this blog to get more insights on the HSN code for Machining Centres & Transfer Machines for metalworking, its key features, and the important requirements of the HSN code for the business exchange of Machining Centres & Transfer Machines for metalworking.

What is HSN Code 8457?

The HSN code 8457 is the secondhand trading code for Machining Centres & Transfer Machines for Metal Working. This code derives under Chapter 1 of the HSN code list; in addition is further extended into subheadings such as 01, 02, 03, etc., as per the GST rates. These GST rates can be levied on the base of IGST on interstate trading and SGST/CGST on transactions of goods within the state.

HSN Code & GST Rates for Machining Centres & Transfer Machines for Metal Working

HSN	HSN Description	Units	CGST	SGST/UTGST	IGST
8457	Machining Centres, Unit Construction Machines (Single Station) And Multi-Station Transfer Machines For Working Metal
845710	Machining Centres
84571010	Machining Centres, Unit Construction Machines (Single Station) And Multi-Station	N.a	N.a.	N.a.	N.a.
84571020	Machining Centres, Unit Construction Machines (Single Station) And Multi-Station	N.a	N.a.	N.a.	N.a.
845720	Unit Construction Machines (Single Station)
84572010	Machining Centres, Unit Construction Machines (Single Station) And Multi-Station Transfer Machines	u	9%	9.00%	18.00%
84572020	Machining Centres, Unit Construction Machines (Single Station) And Multi-Station	u	9.00%	9.00%	18.00%
84572090	Machining Centres, Unit Construction Machines (Single Station) And Multi-Station	u	0.09	0.09	0.18
845730	Multi-Station Transfer Machines
84573010	Machining Centres, Unit Construction Machines (Single Station) And Multi-Station	u	9.00%	9.00%	18.00%
84573020	Machining Centres, Unit Construction Machines (Single Station) And Multi-Station	u	9%	9.00%	18.00%
84573090	Machining Centres, Unit Construction Machines (Single Station) And Multi-Station Transfer Machines	u	0.09	0.09	0.18

Suggested Read: GST Rates and HSN Code 6113 for Garments

Key Features of HSN Code for Machining Centres & Transfer Machines for Metal Working

Here are certain key features of the HSN code for diverse animal products:

HSN code is a unique code that is allotted to diverse goods for trading. This code consists of 6 digits, characterized by a uniform number. This classifies 5000+ products so far that are recognized worldwide.

Moreover, the length of the HSN code may differ and vary depending on several factors, such as greater subdivision of crops, expanded product categories, and even covering the business.

Under the classification of the HSN module, there are nearly 21 sections, 99 chapters, 1,244 headings, and 5,244 subheadings in total to enable international trade.

The first two digits represent the chapter; the next two digits define the class, and further extensions of codes specify more product conditions or country-specific products.

What is HSN code in GST?

The harmonic system of naming (HSN) code is used to systematically classify goods based on their specifications and properties. When it comes to goods and services tax (GST), HSN codes play an important role in differences between different products. They eliminate the requirement for long product details during GST submission, which makes tax compliance simplified.

The importance of HSN code in GST

HSN codes are required:

Identification of the species and category of products

Provide accurate tax rates

Increase openness in trade

Gst return filing streaming

Business with an annual turnover Rs. Gstr -1 return requires 5 crores to provide HSN or SAC (Service account code) -vive summary.

Who Requires HSN Code?

The prerequisite of the HSN code for Machining Centres & Transfer Machines for Metal Working is required to pay taxes on the income of their business, which exceeds Rs. 1.5 crore. When the business income exceeds Rs 5 crore, then the HSN code has an 8-digit code that corresponds to the product description. At the same time, the HSN code is imperfect to 4 digits if the turnover is up to Rs. 5 crore.

Conclusion

HSN code 8457 for Machining Centres & Transfer Machines for Metal Working pays taxes on their business. This code is mandatory for businesses that surpass the turnover limit of a certain business of Rs. 5 crore. This HSN code helps to differentiate and specify the faces of products that are used for trading. If you get the Machining Centres & Transfer Machines for Metal Working HSN code 8457, your business goods get complete identification and recognition from a diverse range of items trading.

FAQs

Is there any difference between the HS and HSN codes?

The HS (Harmonized System Code) code and the HSN code are the same codes that are used for the shipment of goods. However, the HS code is known as the HSN code in India. Like the HS code, the HSN code also encompasses 6-digit codes.

Why do HSN codes vary in length?

The HSN code length may vary, depending on the business turnover. When the business turnover exceeds Rs 5 crore, then the HSN code has an 8-digit code and resembles the product description. At the same time, the HSN code is limited to 4 digits if the business is up to Rs. 5 crore.

What is the GST rate for machinery?

An auxiliary plant is for use with cisterns (for example, economizers, superheaters, soot removers, gas recoverers), condensers for condensation, or other vapor power units.

What is the GST rate for the repair and maintenance of the building?

The HSN code for Repair and maintenance amenities is 9987, and the GST rate for these services is 18%. But, this is a general categorization, and it is further subclassified based on the type of repair and care services by adding two more digits by way of a suffix.

Is RCM applicable to repairs and maintenance?

No, there is no RCM liability for these services now. Sir, these services are not covered under reverse charge notification. Hence, you are not answerable to pay GST under RCM.