Bank Charges HSN Code

Financial and related services (including financial and banking services) are classified under the HSN/SAC code 9971. This SAC code plays a vital role in classifying and regulating the services offered by financial institutions such as banks, non-banking financial companies (NBFCs), insurance companies, and other financial entities. The 9971 code group covers a range of services associated with banking, insurance, lending, investments, and other financial offerings. On most banking services such as maintenance of accounts, credit and debit card services, etc., a GST rate of 18 percent is applicable.

Also Read: What Is mPIN: A Key To Secure Mobile Banking

Installation Charges HSN Code

In India, the installation charges are classified under the HSN/SAC code 9987. The first two digits, i.e., 99 represent the chapter which is the Services in which the installation charges are included in the HSN classification system. The next two digits ’87’ followed by subsequent two digits particularly identify the installation charges as the service or product being classified. The GST rate for installation charges is 5 percent or 18 percent depending on the product of installation.

The installation charges include setting up and installation of various equipment or systems. Some of these may be installation of machinery, solar systems, Heating, Ventilation, and Air Conditioning (HVAC) systems, etc.

Also Read: Labour Charges HSN Code with GST Rate

MS Pipe HSN Code

Mild Steel (MS) pipes are classified under the HSN Code 7306. The first two digits, i.e. 73 indicate that the pipe is categorized as an item made from iron or steel under Chapter 73. The subsequent digits give more specific details about the MS pipe product.

Advantages of the MS Pipe HSN code

Here are the advantages of MS Pipe HSN Code.

In the complex world of domestic and international trade, having a specific MS Pipe HSN code serves as a keystone for businesses.

TMT Bar HSN Code

The HSN Code for TMT (Thermo-mechanically treated) bars is 7214. The first two digits, i.e. 72 represent the Chapter code which is an Iron and Steel article. The full HSN code for TMT bar is 72141090. TMT Bars attract a GST of 18 percent.

Advantages of TMT Bar HSN Code

Here are the advantages of TMT Bar HSN Code.

The TMT Bar HSN Code helps businesses navigate the complexities associated with trading in TMT Bars.

MCB HSN Code

The HSN code for Miniature Circuit Breakers (MCBs) is 8536. The first two digits of the HSN code, i.e. 85 represents the Chapter Number 85 which is of electric machinery and equipment. The HSN code 8536 represents electrical apparatus for switching or protecting electrical circuits.

The complete 6 digit HSN code for MCB is 85362030. The sub-heading 853620 represents automatic circuit breakers.

The GST applicable for MCBs is 18 percent. For those involved in the business of Miniature Circuit Breakers, a specific MCB HSN code ensures precise classification according to the GST regulations.

Fabrics HSN Code

The textile fabric industry in India has grown tremendously. There are businesses engaged in the trading of various textiles. In the GST system, various HSN codes are assigned to different fabrics depending on their type, weight, and composition.

Fabrics HSN Codes

Here are some common HSN codes for fabrics:

Fabrics from natural fibers

Fabrics from synthetic fibers

Fabrics made from blended fibers

Other special fabrics

These HSN codes for different fabrics help businesses with GST compliance and keep a track of the different fabrics sold by them.

Ceiling Fan HSN code

India is one of the leading countries in the world when it comes to exporting ceiling fans. The HSN code for ceiling fans is 84145120.

The first two digits of the complete code, i.e. 84 represent the Chapter that includes ceiling fans, which is nuclear reactors, machinery, mechanical appliances, boilers, and other parts thereof. The complete six digit HSN Code represents the product itself, i.e. ceiling fan.

Ceiling fans have an 18 percent GST. With the availability of a range of fans, a specific HSN code for ceiling fans provides clarity on the type of fan being sold and distributed.

9973 HSN code

The HSN Code 9973 refers to leasing or rental services associated with transport equipment, including containers, with or without operator.

Common 9973 HSN Codes

Here are some of the most common 9973 HSN Codes.

The GST rate of 9973 HSN Code is 18 percent.

7306 HSN code

7306 is the HSN Code for tubes, pipes, and hollow profiles of iron or steel. For example, open seam or welded, riveted or similarly closed.

The first two digits of the HSN code, i.e. 73 represent Chapter Number 73 which includes goods of iron or steel. The entire four digits of the HSN code 7306 represent other tubes, pipes, and hollow profiles.

Range of products included in 7306 HSN code

The 7306 HSN code includes the following products:

• Seamless tubes and pipes
• Welded tubes and pipes
• Riveted or similarly closed tubes and pipes
• Galvanized pipes
• Non-galvan pipes of iron
• Open seam tubes and pipes
• Steel pipes
• Mechanical pipes
• Hydraulic pipes

The GST applicable on most products which are classified under 7306 HSN code is 18 percent.

Namkeen HSN Code

Namakeen are a popular snack in India. There are several leading brands in the country involved in the manufacturing and distribution of Namkeens.

Namkeens, also known as savory foods, include bhujiya, sev, chips, and snack foods.

The HSN code for Namkeens and other extruded/expanded savory products is 19059030. The first two digits of the code, i.e. 19 represent the chapter that includes preparations made from cereals, flour, milk, starch, and pastry products. Namkeens also fall under this category.

Difference in the taxation rate

• Branded namkeens, i.e. those manufactured by a registered brand name fall in the category of 12 percent GST for each product sold.
• Non-branded namkeens, i.e. those with unregistered brand names fall in the category of 5 percent GST for each product sold.

Also Read: GST Rates & HSN Codes on Tea & Coffee Extracts – Chapter 21

Repairing HSN code

The HSN code for repairing and maintenance services is 9987. This includes the maintenance of machinery and equipment. This code also includes repairs related to vehicles and other household appliances.

Division of repairing services into further sub-categories

Under the HSN code 9987, repairing services are further divided into different types based on the nature of services offered.

The repairs help to restore items that are not functioning properly due to a faulty or broken part. The specific HSN codes for repairs helps businesses file accurate GST returns.

Delivery charges HSN Code

In India, the delivery charges are classified under different HSN Codes based on the type of delivery service. 

HSN codes for delivery charges

On most delivery services, 18 percent GST is applicable. However, 5 percent GST is applicable on postal services, while 12 percent GST is applicable on courier services. For businesses providing delivery-related services, specific delivery charges HSN codes help in GST compliance and knowing the type of service offered.

Hair Oil HSN Code

The HSN Code for hair oil is 3305. The first two digits, i.e. 33 represent Chapter 33 (preparations for use on the hair) under which hair oil is categorized.

Detailed sub-classification of hair oil HSN code

Here is an in-depth classification of hair oil HSN code

GST rates for different hair oils

Different hair oils have different GST rates.

• The GST rate for most hair oils is 18 percent. For coconut-based hair oils, the applicable GST rate is 12 percent.
• For hair oils classified as Ayurvedic or Unani medicine, the GST rate is 5 percent.

Also Listen: Understand The Role of SAC Codes and GST Rates

Moulik Jain

I am a seasoned marketer specializing in Tax, Finance, and MSMEs. I bring a wealth of hands-on experience to demystify complex subjects, providing insightful guidance for entrepreneurs and finance enthusiasts alike.

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