Under the GST regime, HSN Code 71031071 classifies Tourmaline within Chapter 71 – Natural Or Cultured Pearls, P. This code is essential for businesses to correctly calculate and remit taxes on Tourmaline. 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 71031071
Goods classified as Tourmaline under HSN 71031071 are taxed based on transaction type. Local sales attract CGST at 0.13% plus SGST/UTGST at 0.13%. For supplies crossing state boundaries, IGST at 0.25% applies. Documentation must reflect kg. as the measurement standard for Chapter 71 – Natural Or Cultured Pearls, P products.
Who Should Use HSN Code 71031071?
Traders, manufacturers, and importers of Tourmaline are required to mention HSN Code 71031071 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
Planning to trade in Tourmaline? Complete GST registration to legally collect taxes on goods under HSN 71031071. Businesses importing or exporting Natural Or Cultured Pearls, P products require an Import Export Code. AD Code registration is essential for exporters to process international payments. Entrepreneurs should secure company registration as the foundational step.
Why Correct Classification Matters
Accurate HSN Code 71031071 usage for Tourmaline simplifies reconciliation and protects against penalties. Keep current with 0.13%, 0.13%, and 0.25% updates for Chapter 71 – Natural Or Cultured Pearls, P to ensure ongoing compliance.
Frequently Asked Questions (FAQs)
How many digits of HSN Code 71031071 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 71031071 for accurate classification of Tourmaline.
Can I claim input tax credit on Tourmaline purchases?
Yes, registered businesses can claim input tax credit on Tourmaline purchases made under HSN 71031071. 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 71031071?
CGST at 0.13% plus SGST/UTGST at 0.13% applies when Tourmaline 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 Tourmaline domestically?
No, Import Export Code is only required if you plan to import or export Tourmaline internationally. For domestic trade within Natural Or Cultured Pearls, P, GST registration is sufficient.
