7112
WASTE AND SCRAP OF PRECIOUS METAL OR OF METAL CLAD WITH PRECIOUS METAL; OTHER WASTE AND SCRAP CONTAINING PRECIOUS METAL OR PRECIOUS METAL COMPOUNDS, OF A KIND USED PRINCIPALLY FOR THE RECOVERY OF PRECIOUS METAL OTHER THAN GOODS OF HEADING 8549
Tax Calculator for 7112
E-Way Bill Rules
For waste and scrap of precious metal or of metal clad with precious metal; other waste and scrap containing precious metal or precious metal compounds, of a kind used principally for the recovery of precious metal other than goods of heading 8549, the E-Way Bill threshold is ₹50,000. Since the rate is 3%, you must generate a bill if the Taxable Value exceeds ₹48,543.
Example Calculation
- Base Value: ₹48,543
- + GST (3%): ₹1,456.29
- Total Invoice: ~₹50,000
Invoice Example
Breakdown for a sample invoice value of ₹1,000:
Compliance & Validation
HSN 7112 falls under Chapter 71. It is mandatory to mention this code on invoices if your annual turnover exceeds ₹5 Crore. For turnover below ₹5 Crore, mentioning the 4-digit code (7112) is sufficient for B2B invoices.
Ensure that you charge 1.5% CGST and 1.5% SGST for intra-state supplies of waste and scrap of precious metal or of metal clad with precious metal; other waste and scrap containing precious metal or precious metal compounds, of a kind used principally for the recovery of precious metal other than goods of heading 8549. For inter-state supplies, the full 3% IGST applies.
Frequently Asked Questions
Q: What is the GST Rate for HSN Code 7112?
The GST rate for HSN Code 7112 (WASTE AND SCRAP OF PRECIOUS METAL OR OF METAL CLAD WITH PRECIOUS METAL; OTHER WASTE AND SCRAP CONTAINING PRECIOUS METAL OR PRECIOUS METAL COMPOUNDS, OF A KIND USED PRINCIPALLY FOR THE RECOVERY OF PRECIOUS METAL OTHER THAN GOODS OF HEADING 8549) is 3%.
Q: Is HSN 7112 eligible for Input Tax Credit (ITC)?
ITC availability is classified as 'check'. Generally, businesses can claim ITC unless used for personal consumption or blocked under Section 17(5).
Q: How to calculate GST amount for WASTE AND SCRAP OF PRECIOUS METAL OR OF METAL CLAD WITH PRECIOUS METAL; OTHER WASTE AND SCRAP CONTAINING PRECIOUS METAL OR PRECIOUS METAL COMPOUNDS, OF A KIND USED PRINCIPALLY FOR THE RECOVERY OF PRECIOUS METAL OTHER THAN GOODS OF HEADING 8549?
Multiply the taxable value by 0.03. For ₹1000 value, GST is ₹30.
Q: Does Reverse Charge (RCM) apply?
No, standard Forward Charge applies.