Chapter 71 of the GST framework covers Natural Or Cultured Pearls, P, and HSN Code 71039944 specifically identifies Chalcedony for taxation purposes. This classification is mandatory for all businesses engaged in the supply of Chalcedony. 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 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 71039944
The tax structure for Chalcedony under HSN Code 71039944 follows a dual taxation model. CGST is levied at 0.13% and SGST/UTGST at 0.13% for intrastate sales. Interstate transactions attract IGST at 0.25%. All invoices must record quantities in c/k as the standard measurement for goods under Chapter 71 – Natural Or Cultured Pearls, P.
Who Should Use HSN Code 71039944?
Traders, manufacturers, and importers of Chalcedony are required to mention HSN Code 71039944 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
Starting a business involving Chalcedony? GST registration is mandatory for collecting and remitting taxes on HSN 71039944 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
Accurate HSN Code 71039944 usage for Chalcedony 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 71039944 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 71039944 for accurate classification of Chalcedony.
Can I claim input tax credit on Chalcedony purchases?
Yes, registered businesses can claim input tax credit on Chalcedony purchases made under HSN 71039944. 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 71039944?
CGST at 0.13% plus SGST/UTGST at 0.13% applies when Chalcedony 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 Chalcedony domestically?
No, Import Export Code is only required if you plan to import or export Chalcedony internationally. For domestic trade within Natural Or Cultured Pearls, P, GST registration is sufficient.
