HSN Code 71031049 provides the tax classification for Other under Chapter 71 – Natural Or Cultured Pearls, P of the GST tariff. Businesses dealing in Other 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 71031049
The taxation of Other under HSN Code 71031049 depends on supply location. Intrastate transactions require CGST at 0.13% and SGST/UTGST at 0.13%. Interstate supplies are charged IGST at 0.25%. Invoices should consistently use kg. for Natural Or Cultured Pearls, P goods under Chapter 71.
Who Should Use HSN Code 71031049?
All businesses supplying Other are obligated to use HSN 71031049 on tax invoices. From producers to retailers within Natural Or Cultured Pearls, P, Chapter 71 classification ensures uniform tax treatment. This requirement applies regardless of turnover or business model.
Business Registration Requirements
Entering the Other market requires essential registrations. GST registration enables legal tax collection on HSN 71031049 goods. For cross-border trade in Natural Or Cultured Pearls, P items, secure an Import Export Code. Exporters additionally need AD Code registration for bank processing. Begin with company registration to establish your business entity.
Why Correct Classification Matters
Proper use of HSN Code 71031049 for Other 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)
How many digits of HSN Code 71031049 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 71031049 for accurate classification of Other.
Can I claim input tax credit on Other purchases?
Yes, registered businesses can claim input tax credit on Other purchases made under HSN 71031049. Ensure your supplier mentions correct HSN code and GST rates (0.13%, 0.13%) on the invoice.
What is the difference between CGST and IGST for HSN 71031049?
CGST at 0.13% plus SGST/UTGST at 0.13% applies when Other is sold within the same state. IGST at 0.25% is charged when goods move across state borders or are imported.
Is Import Export Code necessary for trading Other domestically?
No, Import Export Code is only required if you plan to import or export Other internationally. For domestic trade within Natural Or Cultured Pearls, P, GST registration is sufficient.
