Within Chapter 71 – Natural Or Cultured Pearls, P, HSN Code 71039130 serves as the official classification for Emeralds. This code determines tax rates and compliance obligations for all entities trading in Emeralds. CGST applies at 0.0013, SGST/UTGST at 0.0013 for local transactions, and IGST at 0.0025 for interstate supplies. Measurement is standardized in 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 71039130
Tax liability for Emeralds under HSN 71039130 varies by transaction geography. CGST at 0.0013 combined with SGST/UTGST at 0.0013 applies to local sales. Interstate movement attracts IGST at 0.0025. All billing for Chapter 71 – Natural Or Cultured Pearls, P products must use c/k.
Who Should Use HSN Code 71039130?
All businesses supplying Emeralds are obligated to use HSN 71039130 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
Looking to deal in Emeralds? GST registration is your first compliance requirement for HSN 71039130 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
Using HSN Code 71039130 accurately for Emeralds avoids compliance issues and facilitates credit claims. Monitor changes to 0.0013, 0.0013, and 0.0025 rates for Chapter 71 – Natural Or Cultured Pearls, P to maintain accurate filings and smooth business operations.
Frequently Asked Questions (FAQs)
How many digits of HSN Code 71039130 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 71039130 for accurate classification of Emeralds.
Can I claim input tax credit on Emeralds purchases?
Yes, registered businesses can claim input tax credit on Emeralds purchases made under HSN 71039130. Ensure your supplier mentions correct HSN code and GST rates (0.0013, 0.0013) on the invoice.
What is the difference between CGST and IGST for HSN 71039130?
CGST at 0.0013 plus SGST/UTGST at 0.0013 applies when Emeralds is sold within the same state. IGST at 0.0025 is charged when goods move across state borders or are imported.
Is Import Export Code necessary for trading Emeralds domestically?
No, Import Export Code is only required if you plan to import or export Emeralds internationally. For domestic trade within Natural Or Cultured Pearls, P, GST registration is sufficient.
