Chapter 71 of the GST framework covers Natural Or Cultured Pearls, P, and HSN Code 71039930 specifically identifies Precious Stones (Other Than Diamonds) And Semiprecious Stones, Whether Or Not Worked Or Graded But Not Strung, Mounted Or Set; Ungraded Precious Stones (Other Than Diamonds) And Semi-Precious Stones, Temporarily Strung For Convenience Of Transport - Othe... for taxation purposes. This classification is mandatory for all businesses engaged in the supply of Precious Stones (Other Than Diamonds) And Semiprecious Stones, Whether Or Not Worked Or Graded But Not Strung, Mounted Or Set; Ungraded Precious Stones (Other Than Diamonds) And Semi-Precious Stones, Temporarily Strung For Convenience Of Transport - Othe.... Tax rates applicable include CGST at 0.13%, SGST/UTGST at 0.13%, and IGST at 0.25% for interstate movements. The standard unit of measurement is N.a.

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 71039930

Tax liability for Precious Stones (Other Than Diamonds) And Semiprecious Stones, Whether Or Not Worked Or Graded But Not Strung, Mounted Or Set; Ungraded Precious Stones (Other Than Diamonds) And Semi-Precious Stones, Temporarily Strung For Convenience Of Transport - Othe... under HSN 71039930 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 N.a.

Who Should Use HSN Code 71039930?

Any business engaged in supplying Precious Stones (Other Than Diamonds) And Semiprecious Stones, Whether Or Not Worked Or Graded But Not Strung, Mounted Or Set; Ungraded Precious Stones (Other Than Diamonds) And Semi-Precious Stones, Temporarily Strung For Convenience Of Transport - Othe... must apply HSN 71039930 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

Entering the Precious Stones (Other Than Diamonds) And Semiprecious Stones, Whether Or Not Worked Or Graded But Not Strung, Mounted Or Set; Ungraded Precious Stones (Other Than Diamonds) And Semi-Precious Stones, Temporarily Strung For Convenience Of Transport - Othe... market requires essential registrations. GST registration enables legal tax collection on HSN 71039930 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

Correct HSN Code 71039930 application for Precious Stones (Other Than Diamonds) And Semiprecious Stones, Whether Or Not Worked Or Graded But Not Strung, Mounted Or Set; Ungraded Precious Stones (Other Than Diamonds) And Semi-Precious Stones, Temporarily Strung For Convenience Of Transport - Othe... ensures smooth input credit utilization and assessment processes. Track 0.13%, 0.13%, and 0.25% rate changes for Chapter 71 – Natural Or Cultured Pearls, P through official notifications for continuous compliance.

Frequently Asked Questions (FAQs)

How many digits of HSN Code 71039930 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 71039930 for accurate classification of Precious Stones (Other Than Diamonds) And Semiprecious Stones, Whether Or Not Worked Or Graded But Not Strung, Mounted Or Set; Ungraded Precious Stones (Other Than Diamonds) And Semi-Precious Stones, Temporarily Strung For Convenience Of Transport - Othe....

Can I claim input tax credit on Precious Stones (Other Than Diamonds) And Semiprecious Stones, Whether Or Not Worked Or Graded But Not Strung, Mounted Or Set; Ungraded Precious Stones (Other Than Diamonds) And Semi-Precious Stones, Temporarily Strung For Convenience Of Transport - Othe... purchases?

Yes, registered businesses can claim input tax credit on Precious Stones (Other Than Diamonds) And Semiprecious Stones, Whether Or Not Worked Or Graded But Not Strung, Mounted Or Set; Ungraded Precious Stones (Other Than Diamonds) And Semi-Precious Stones, Temporarily Strung For Convenience Of Transport - Othe... purchases made under HSN 71039930. 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 71039930?

CGST at 0.13% plus SGST/UTGST at 0.13% applies when Precious Stones (Other Than Diamonds) And Semiprecious Stones, Whether Or Not Worked Or Graded But Not Strung, Mounted Or Set; Ungraded Precious Stones (Other Than Diamonds) And Semi-Precious Stones, Temporarily Strung For Convenience Of Transport - Othe... 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 Precious Stones (Other Than Diamonds) And Semiprecious Stones, Whether Or Not Worked Or Graded But Not Strung, Mounted Or Set; Ungraded Precious Stones (Other Than Diamonds) And Semi-Precious Stones, Temporarily Strung For Convenience Of Transport - Othe... domestically?

No, Import Export Code is only required if you plan to import or export Precious Stones (Other Than Diamonds) And Semiprecious Stones, Whether Or Not Worked Or Graded But Not Strung, Mounted Or Set; Ungraded Precious Stones (Other Than Diamonds) And Semi-Precious Stones, Temporarily Strung For Convenience Of Transport - Othe... internationally. For domestic trade within Natural Or Cultured Pearls, P, GST registration is sufficient.

More HSN codes from Chapter 71

Back to Top