Gst tax rate
This query is : Resolved
16 July 2017
We are manufacturer of hydraulic lift pump gear which is exclusively use in tractor
And it is tractor parts according to me.
But some people suggested me to take 28% tax and some people saide 18%
..i just want to what is the tax rate
We are manufacturer of GEARS WGICH USED IN TRACTOR
And it is tractor parts according to me.
But some people suggested me to take 28% tax and some people saide 18%
..i just want to what is the tax rate
We are manufacturer of GEARS WGICH USED IN TRACTOR
16 July 2017
GST rate 28%, HSN Code 8430.00.00
16 July 2017
thanks for your kind reply...
but sir it is tractor parts
and tractor parts now at 18%
27 July 2024
For the GST rate applicable to hydraulic lift pump gears used in tractors, let's break down the details:
### **GST Rate for Tractor Parts**
1. **GST Rate for Tractor Parts:**
- **Generally, the GST rate for parts and accessories of tractors** is **18%**. This includes parts that are specifically designed for use in tractors.
2. **Specifics for Hydraulic Lift Pump Gear:**
- Hydraulic lift pump gears, being a part of the tractor’s hydraulic system and used specifically in tractors, fall under the category of tractor parts. As such, the GST rate applicable should be **18%**.
### **Clarification on the GST Rate:**
- **28% Rate Misconception:**
- The 28% GST rate is generally applicable to luxury goods and certain other high-value items but does not apply to tractor parts. There may be confusion arising from the application of the higher rate to non-tractor components or a different classification.
- **Verification with HSN Code:**
- To ensure correct classification, refer to the specific HSN (Harmonized System of Nomenclature) code for hydraulic lift pump gears. The HSN code for tractor parts, including gears used in tractors, typically falls under Chapter 87, which is subject to an 18% GST rate.
### **Documentation and Compliance:**
1. **HSN Code:**
- For the correct GST rate, refer to the specific HSN code used for hydraulic lift pump gears. This will confirm the exact rate. Generally, for parts and accessories of tractors, the applicable rate is 18%.
2. **Update and Confirm:**
- Ensure that your classification aligns with the latest GST notifications and clarifications. If needed, consult the GST rate schedule or your tax advisor for confirmation.
### **Summary:**
- **GST Rate for Hydraulic Lift Pump Gear Used in Tractors:** **18%**.
- **HSN Code Reference:** Verify using the specific HSN code for accurate classification.
For any detailed classification or if there is ongoing confusion, it’s advisable to consult the latest GST rate schedule or seek guidance from a GST consultant to confirm compliance with current regulations.
### **GST Rate for Tractor Parts**
1. **GST Rate for Tractor Parts:**
- **Generally, the GST rate for parts and accessories of tractors** is **18%**. This includes parts that are specifically designed for use in tractors.
2. **Specifics for Hydraulic Lift Pump Gear:**
- Hydraulic lift pump gears, being a part of the tractor’s hydraulic system and used specifically in tractors, fall under the category of tractor parts. As such, the GST rate applicable should be **18%**.
### **Clarification on the GST Rate:**
- **28% Rate Misconception:**
- The 28% GST rate is generally applicable to luxury goods and certain other high-value items but does not apply to tractor parts. There may be confusion arising from the application of the higher rate to non-tractor components or a different classification.
- **Verification with HSN Code:**
- To ensure correct classification, refer to the specific HSN (Harmonized System of Nomenclature) code for hydraulic lift pump gears. The HSN code for tractor parts, including gears used in tractors, typically falls under Chapter 87, which is subject to an 18% GST rate.
### **Documentation and Compliance:**
1. **HSN Code:**
- For the correct GST rate, refer to the specific HSN code used for hydraulic lift pump gears. This will confirm the exact rate. Generally, for parts and accessories of tractors, the applicable rate is 18%.
2. **Update and Confirm:**
- Ensure that your classification aligns with the latest GST notifications and clarifications. If needed, consult the GST rate schedule or your tax advisor for confirmation.
### **Summary:**
- **GST Rate for Hydraulic Lift Pump Gear Used in Tractors:** **18%**.
- **HSN Code Reference:** Verify using the specific HSN code for accurate classification.
For any detailed classification or if there is ongoing confusion, it’s advisable to consult the latest GST rate schedule or seek guidance from a GST consultant to confirm compliance with current regulations.
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