Under the GST regime, HSN Code 71031052 classifies Lapis-Lazuli within Chapter 71 – Natural Or Cultured Pearls, P. This code is essential for businesses to correctly calculate and remit taxes on Lapis-Lazuli. The applicable rates are CGST at 0.13%, SGST/UTGST at 0.13% for within-state sales, and IGST at 0.25% for interstate supplies. Goods are quantified using 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 71031052
For Lapis-Lazuli classified under HSN Code 71031052, tax computation follows GST principles. CGST at 0.13% plus SGST/UTGST at 0.13% covers intrastate sales. IGST at 0.25% applies to interstate transactions. kg. is the prescribed measurement for Natural Or Cultured Pearls, P under Chapter 71.
Who Should Use HSN Code 71031052?
Any business engaged in supplying Lapis-Lazuli must apply HSN 71031052 on invoices. The Natural Or Cultured Pearls, P category under Chapter 71 requires this classification for wholesalers, retailers, exporters, and online marketplaces alike.
Business Registration Requirements
Starting a business involving Lapis-Lazuli? GST registration is mandatory for collecting and remitting taxes on HSN 71031052 goods. Companies planning international trade within Natural Or Cultured Pearls, P must obtain an Import Export Code. Exporters need AD Code registration for receiving foreign payments. New entrepreneurs should complete company registration before pursuing trade-specific approvals.
Why Correct Classification Matters
Proper use of HSN Code 71031052 for Lapis-Lazuli 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 HSN Code 71031052 used for?
HSN Code 71031052 is used to classify Lapis-Lazuli under Chapter 71 – Natural Or Cultured Pearls, P for GST purposes. Businesses must mention this code on invoices to ensure correct tax calculation and compliance.
What are the GST rates applicable on HSN 71031052?
For Lapis-Lazuli, CGST applies at 0.13% and SGST/UTGST at 0.13% for intrastate supplies. Interstate transactions are taxed under IGST at 0.25%.
Do I need GST registration to trade in Lapis-Lazuli?
Yes, GST registration is mandatory for businesses dealing in Lapis-Lazuli under HSN 71031052. This enables you to legally collect taxes and claim input credits on purchases.
What registrations are required for importing Lapis-Lazuli?
For importing goods under Natural Or Cultured Pearls, P, you need GST registration along with an Import Export Code. Exporters should also obtain AD Code registration for processing international payments.
