Under the GST regime, HSN Code 71023910 classifies Diamonds, Whether Or Not Worked, But Not Mounted Or Set - Non-Industrial: Others: Diamond, Cut Or Otherwise Worked But Not Mounted Or Set within Chapter 71 – Natural Or Cultured Pearls, P. This code is essential for businesses to correctly calculate and remit taxes on Diamonds, Whether Or Not Worked, But Not Mounted Or Set - Non-Industrial: Others: Diamond, Cut Or Otherwise Worked But Not Mounted Or Set. The applicable rates are CGST at 0.00%, SGST/UTGST at 0.00% for within-state sales, and IGST at 0.00% for interstate supplies. Goods are quantified using c/k.
HSN Codes under Chapter 71 – Natural Or Cultured Pearls, P
Below are related HSN codes from Chapter 71 – Natural Or Cultured Pearls, P for your reference:
| Chapter | HSN Code | Description | CGST | SGST/UTGST | IGST |
|---|---|---|---|---|---|
| Natural Or Cultured Pearls, P... | 71011010 | Pearls, Natural Or Cultured, Whether Or Not Worked... | 1.50% | 1.50% | 3.00% |
| Natural Or Cultured Pearls, P... | 71011020 | Pearls, Natural Or Cultured, Whether Or Not Worked... | 0.015 | 0.015 | 0.03 |
| Natural Or Cultured Pearls, P... | 71012100 | Pearls, Natural Or Cultured, Whether Or Not Worked... | 0.015 | 0.015 | 0.03 |
| Natural Or Cultured Pearls, P... | 71012200 | Pearls, Natural Or Cultured, Whether Or Not Worked... | 0.015 | 0.015 | 0.03 |
| Natural Or Cultured Pearls, P... | 71021000 | Diamonds, Whether Or Not Worked, But Not Mounted O... | 0 | 0 | 0 |
| Natural Or Cultured Pearls, P... | 71022110 | 21 Diamonds, Whether Or Not Worked, But Not Mounte... | 0.00% | 0.00% | 0.00% |
| Natural Or Cultured Pearls, P... | 71022120 | 21 Diamonds, Whether Or Not Worked, But Not Mounte... | 0 | 0 | 0 |
| Natural Or Cultured Pearls, P... | 71022910 | Diamonds, Whether Or Not Worked, But Not Mounted O... | 0.00% | 0.00% | 0.00% |
| Natural Or Cultured Pearls, P... | 71022990 | Diamonds, Whether Or Not Worked, But Not Mounted O... | 0 | 0 | 0 |
| Natural Or Cultured Pearls, P... | 71023100 | Diamonds, Whether Or Not Worked, But Not Mounted O... | 0 | 0 | 0 |
GST Rates for HSN 71023910
The taxation of Diamonds, Whether Or Not Worked, But Not Mounted Or Set - Non-Industrial: Others: Diamond, Cut Or Otherwise Worked But Not Mounted Or Set under HSN Code 71023910 depends on supply location. Intrastate transactions require CGST at 0.00% and SGST/UTGST at 0.00%. Interstate supplies are charged IGST at 0.00%. Invoices should consistently use c/k for Natural Or Cultured Pearls, P goods under Chapter 71.
Who Should Use HSN Code 71023910?
Every entity transacting in Diamonds, Whether Or Not Worked, But Not Mounted Or Set - Non-Industrial: Others: Diamond, Cut Or Otherwise Worked But Not Mounted Or Set must quote HSN Code 71023910 on invoices. This includes traders, distributors, and e-commerce sellers operating under Natural Or Cultured Pearls, P. Chapter 71 mandates this classification for accurate tax computation across the supply chain.
Business Registration Requirements
Looking to deal in Diamonds, Whether Or Not Worked, But Not Mounted Or Set - Non-Industrial: Others: Diamond, Cut Or Otherwise Worked But Not Mounted Or Set? GST registration is your first compliance requirement for HSN 71023910 goods. International traders in Natural Or Cultured Pearls, P products must obtain an Import Export Code. AD Code registration facilitates export payment processing. Company registration should precede all other business approvals.
Why Correct Classification Matters
Using HSN Code 71023910 accurately for Diamonds, Whether Or Not Worked, But Not Mounted Or Set - Non-Industrial: Others: Diamond, Cut Or Otherwise Worked But Not Mounted Or Set avoids compliance issues and facilitates credit claims. Monitor changes to 0.00%, 0.00%, and 0.00% rates for Chapter 71 – Natural Or Cultured Pearls, P to maintain accurate filings and smooth business operations.
Frequently Asked Questions (FAQs)
How many digits of HSN Code 71023910 should I mention on invoices?
The number of HSN digits depends on your annual turnover. Businesses with turnover above Rs 5 crore must mention 6 digits, while others may use 4 digits. Always use the complete HSN 71023910 for accurate classification of Diamonds, Whether Or Not Worked, But Not Mounted Or Set - Non-Industrial: Others: Diamond, Cut Or Otherwise Worked But Not Mounted Or Set.
Can I claim input tax credit on Diamonds, Whether Or Not Worked, But Not Mounted Or Set - Non-Industrial: Others: Diamond, Cut Or Otherwise Worked But Not Mounted Or Set purchases?
Yes, registered businesses can claim input tax credit on Diamonds, Whether Or Not Worked, But Not Mounted Or Set - Non-Industrial: Others: Diamond, Cut Or Otherwise Worked But Not Mounted Or Set purchases made under HSN 71023910. Ensure your supplier mentions correct HSN code and GST rates (0.00%, 0.00%) on the invoice.
What is the difference between CGST and IGST for HSN 71023910?
CGST at 0.00% plus SGST/UTGST at 0.00% applies when Diamonds, Whether Or Not Worked, But Not Mounted Or Set - Non-Industrial: Others: Diamond, Cut Or Otherwise Worked But Not Mounted Or Set is sold within the same state. IGST at 0.00% is charged when goods move across state borders or are imported.
Is Import Export Code necessary for trading Diamonds, Whether Or Not Worked, But Not Mounted Or Set - Non-Industrial: Others: Diamond, Cut Or Otherwise Worked But Not Mounted Or Set domestically?
No, Import Export Code is only required if you plan to import or export Diamonds, Whether Or Not Worked, But Not Mounted Or Set - Non-Industrial: Others: Diamond, Cut Or Otherwise Worked But Not Mounted Or Set internationally. For domestic trade within Natural Or Cultured Pearls, P, GST registration is sufficient.
