Under the GST regime, HSN Code 71039952 classifies Tanzanite within Chapter 71 – Natural Or Cultured Pearls, P. This code is essential for businesses to correctly calculate and remit taxes on Tanzanite. 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 71039952
Tax liability for Tanzanite under HSN 71039952 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 71039952?
Traders, manufacturers, and importers of Tanzanite are required to mention HSN Code 71039952 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
Entering the Tanzanite market requires essential registrations. GST registration enables legal tax collection on HSN 71039952 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
Accurate HSN Code 71039952 usage for Tanzanite 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 71039952 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 71039952 for accurate classification of Tanzanite.
Can I claim input tax credit on Tanzanite purchases?
Yes, registered businesses can claim input tax credit on Tanzanite purchases made under HSN 71039952. 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 71039952?
CGST at 0.13% plus SGST/UTGST at 0.13% applies when Tanzanite 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 Tanzanite domestically?
No, Import Export Code is only required if you plan to import or export Tanzanite internationally. For domestic trade within Natural Or Cultured Pearls, P, GST registration is sufficient.
