Chapter 71 of the GST framework covers Natural Or Cultured Pearls, P, and HSN Code 71031022 specifically identifies Precious Stones (Other Than Diamonds) And Semiprecious Stones, Whether Or Not Worked Or Graded But Not Strung, Mounted Or Set; Ungraded Precious Stones (Other Than Diamonds) And Semi-Precious Stones, Temporarily Strung For Convenience Of Transport - Unwo... for taxation purposes. This classification is mandatory for all businesses engaged in the supply of Precious Stones (Other Than Diamonds) And Semiprecious Stones, Whether Or Not Worked Or Graded But Not Strung, Mounted Or Set; Ungraded Precious Stones (Other Than Diamonds) And Semi-Precious Stones, Temporarily Strung For Convenience Of Transport - Unwo.... Tax rates applicable include CGST at 0.13%, SGST/UTGST at 0.13%, and IGST at 0.25% for interstate movements. The standard unit of measurement is N.a.
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 71031022
Tax liability for Precious Stones (Other Than Diamonds) And Semiprecious Stones, Whether Or Not Worked Or Graded But Not Strung, Mounted Or Set; Ungraded Precious Stones (Other Than Diamonds) And Semi-Precious Stones, Temporarily Strung For Convenience Of Transport - Unwo... under HSN 71031022 varies by transaction geography. CGST at 0.13% combined with SGST/UTGST at 0.13% applies to local sales. Interstate movement attracts IGST at 0.25%. All billing for Chapter 71 – Natural Or Cultured Pearls, P products must use N.a.
Who Should Use HSN Code 71031022?
Traders, manufacturers, and importers of Precious Stones (Other Than Diamonds) And Semiprecious Stones, Whether Or Not Worked Or Graded But Not Strung, Mounted Or Set; Ungraded Precious Stones (Other Than Diamonds) And Semi-Precious Stones, Temporarily Strung For Convenience Of Transport - Unwo... are required to mention HSN Code 71031022 on all GST documents. This Natural Or Cultured Pearls, P classification under Chapter 71 is mandatory for compliance across all business formats including online sellers.
Business Registration Requirements
Looking to deal in Precious Stones (Other Than Diamonds) And Semiprecious Stones, Whether Or Not Worked Or Graded But Not Strung, Mounted Or Set; Ungraded Precious Stones (Other Than Diamonds) And Semi-Precious Stones, Temporarily Strung For Convenience Of Transport - Unwo...? GST registration is your first compliance requirement for HSN 71031022 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
Proper use of HSN Code 71031022 for Precious Stones (Other Than Diamonds) And Semiprecious Stones, Whether Or Not Worked Or Graded But Not Strung, Mounted Or Set; Ungraded Precious Stones (Other Than Diamonds) And Semi-Precious Stones, Temporarily Strung For Convenience Of Transport - Unwo... streamlines audit processes and supports valid credit claims. Stay updated on 0.13%, 0.13%, and 0.25% rates for Chapter 71 – Natural Or Cultured Pearls, P through government circulars to ensure uninterrupted compliance.
Frequently Asked Questions (FAQs)
HSN Code 71031022 falls under Chapter 71 – Natural Or Cultured Pearls, P in the GST tariff schedule. This chapter covers various goods including Precious Stones (Other Than Diamonds) And Semiprecious Stones, Whether Or Not Worked Or Graded But Not Strung, Mounted Or Set; Ungraded Precious Stones (Other Than Diamonds) And Semi-Precious Stones, Temporarily Strung For Convenience Of Transport - Unwo....
Yes, IGST at 0.25% is applicable when Precious Stones (Other Than Diamonds) And Semiprecious Stones, Whether Or Not Worked Or Graded But Not Strung, Mounted Or Set; Ungraded Precious Stones (Other Than Diamonds) And Semi-Precious Stones, Temporarily Strung For Convenience Of Transport - Unwo... is supplied interstate or imported. For local sales within a state, CGST at 0.13% and SGST/UTGST at 0.13% apply instead.
Yes, e-commerce sellers dealing in Precious Stones (Other Than Diamonds) And Semiprecious Stones, Whether Or Not Worked Or Graded But Not Strung, Mounted Or Set; Ungraded Precious Stones (Other Than Diamonds) And Semi-Precious Stones, Temporarily Strung For Convenience Of Transport - Unwo... must use HSN 71031022 on their invoices. This applies to all online platforms operating under Natural Or Cultured Pearls, P classification.
To import goods under Natural Or Cultured Pearls, P, complete GST registration first, then obtain an Import Export Code from DGFT. Proper company registration provides the legal foundation for your import operations.
