Under the GST regime, HSN Code 71039120 classifies Sapphire within Chapter 71 – Natural Or Cultured Pearls, P. This code is essential for businesses to correctly calculate and remit taxes on Sapphire. 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 c/k.
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 71039120
Tax liability for Sapphire under HSN 71039120 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 c/k.
Who Should Use HSN Code 71039120?
Manufacturers, wholesalers, retailers, and exporters dealing in Sapphire are required to mention HSN 71039120 on all tax documents. This classification under Natural Or Cultured Pearls, P applies to businesses of all sizes operating within Chapter 71. Proper usage ensures accurate return filing and audit compliance.
Business Registration Requirements
Planning to trade in Sapphire? Complete GST registration to legally collect taxes on goods under HSN 71039120. 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
Proper use of HSN Code 71039120 for Sapphire 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)
Where can I find the official GST rate for HSN 71039120?
Official GST rates for Sapphire under HSN 71039120 are published in government notifications and the CBIC website. Current rates are CGST 0.13%, SGST/UTGST 0.13%, and IGST 0.25%.
Do online marketplaces need to mention HSN 71039120?
Yes, online marketplaces and e-commerce operators selling Sapphire must mention HSN Code 71039120 on invoices. This Natural Or Cultured Pearls, P classification applies to all sales channels under Chapter 71.
What documents are needed for company registration to trade in Sapphire?
For company registration, you need identity proof, address proof, and registered office documents. Once registered, apply for GST registration to start trading in Sapphire under HSN 71039120.
How often do GST rates change for Natural Or Cultured Pearls, P products?
GST rates for Sapphire and other Natural Or Cultured Pearls, P products under Chapter 71 may change through GST Council recommendations. Monitor official notifications to stay updated on 0.13%, 0.13%, and 0.25% revisions.
