HSN Code 71031034 provides the tax classification for Alexandrite (Including Alexandrite Cats Eye) under Chapter 71 – Natural Or Cultured Pearls, P of the GST tariff. Businesses dealing in Alexandrite (Including Alexandrite Cats Eye) must use this code for proper invoicing and return filing. Applicable taxes include CGST at 0.13%, SGST/UTGST at 0.13%, and IGST at 0.25%. The recognized unit of measurement is kg..
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 71031034
The tax structure for Alexandrite (Including Alexandrite Cats Eye) under HSN Code 71031034 follows a dual taxation model. CGST is levied at 0.13% and SGST/UTGST at 0.13% for intrastate sales. Interstate transactions attract IGST at 0.25%. All invoices must record quantities in kg. as the standard measurement for goods under Chapter 71 – Natural Or Cultured Pearls, P.
Who Should Use HSN Code 71031034?
Every entity transacting in Alexandrite (Including Alexandrite Cats Eye) must quote HSN Code 71031034 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 Alexandrite (Including Alexandrite Cats Eye)? GST registration is your first compliance requirement for HSN 71031034 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 71031034 for Alexandrite (Including Alexandrite Cats Eye) 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)
What is the unit of measurement for HSN 71031034?
The standard unit of measurement for Alexandrite (Including Alexandrite Cats Eye) under HSN Code 71031034 is kg.. All invoices and GST returns must reflect quantities using this measurement standard.
Is HSN Code 71031034 mandatory for small businesses?
Yes, businesses dealing in Alexandrite (Including Alexandrite Cats Eye) must use HSN 71031034 on invoices regardless of their size. The number of digits required may vary based on turnover thresholds set by GST rules.
What happens if I use wrong HSN code for Alexandrite (Including Alexandrite Cats Eye)?
Using incorrect classification can result in wrong tax calculation, rejected input credits, and penalties during assessment. Always verify HSN 71031034 for Natural Or Cultured Pearls, P goods before invoicing.
Do I need AD Code registration for exporting Alexandrite (Including Alexandrite Cats Eye)?
Yes, AD Code registration is required for exporters dealing in Alexandrite (Including Alexandrite Cats Eye) under Natural Or Cultured Pearls, P. This registration links your bank account to process foreign currency payments from overseas buyers.
