HSN Code 71042120 provides the tax classification for Synthetic Or Reconstructed Precious Or Semi-Precious Stones, Whether Or Not Worked Or Graded But Not Strung, Mounted Or Set; Ungraded Synthetic Or Reconstructed Precious Or Semi-Precious Stones, Temporarily Strung For Convenience Of Transport -Other, Unwork under Chapter 71 – Natural Or Cultured Pearls, P of the GST tariff. Businesses dealing in Synthetic Or Reconstructed Precious Or Semi-Precious Stones, Whether Or Not Worked Or Graded But Not Strung, Mounted Or Set; Ungraded Synthetic Or Reconstructed Precious Or Semi-Precious Stones, Temporarily Strung For Convenience Of Transport -Other, Unwork must use this code for proper invoicing and return filing. Applicable taxes include CGST at 0, SGST/UTGST at 0, and IGST at 0. The recognized 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 71042120
Goods classified as Synthetic Or Reconstructed Precious Or Semi-Precious Stones, Whether Or Not Worked Or Graded But Not Strung, Mounted Or Set; Ungraded Synthetic Or Reconstructed Precious Or Semi-Precious Stones, Temporarily Strung For Convenience Of Transport -Other, Unwork under HSN 71042120 are taxed based on transaction type. Local sales attract CGST at 0 plus SGST/UTGST at 0. For supplies crossing state boundaries, IGST at 0 applies. Documentation must reflect c/k as the measurement standard for Chapter 71 – Natural Or Cultured Pearls, P products.
Who Should Use HSN Code 71042120?
Traders, manufacturers, and importers of Synthetic Or Reconstructed Precious Or Semi-Precious Stones, Whether Or Not Worked Or Graded But Not Strung, Mounted Or Set; Ungraded Synthetic Or Reconstructed Precious Or Semi-Precious Stones, Temporarily Strung For Convenience Of Transport -Other, Unwork are required to mention HSN Code 71042120 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
Planning to trade in Synthetic Or Reconstructed Precious Or Semi-Precious Stones, Whether Or Not Worked Or Graded But Not Strung, Mounted Or Set; Ungraded Synthetic Or Reconstructed Precious Or Semi-Precious Stones, Temporarily Strung For Convenience Of Transport -Other, Unwork? Complete GST registration to legally collect taxes on goods under HSN 71042120. 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 71042120 for Synthetic Or Reconstructed Precious Or Semi-Precious Stones, Whether Or Not Worked Or Graded But Not Strung, Mounted Or Set; Ungraded Synthetic Or Reconstructed Precious Or Semi-Precious Stones, Temporarily Strung For Convenience Of Transport -Other, Unwork streamlines audit processes and supports valid credit claims. Stay updated on 0, 0, and 0 rates for Chapter 71 – Natural Or Cultured Pearls, P through government circulars to ensure uninterrupted compliance.
Frequently Asked Questions (FAQs)
HSN Code 71042120 is used to classify Synthetic Or Reconstructed Precious Or Semi-Precious Stones, Whether Or Not Worked Or Graded But Not Strung, Mounted Or Set; Ungraded Synthetic Or Reconstructed Precious Or Semi-Precious Stones, Temporarily Strung For Convenience Of Transport -Other, Unwork under Chapter 71 – Natural Or Cultured Pearls, P for GST purposes. Businesses must mention this code on invoices to ensure correct tax calculation and compliance.
For Synthetic Or Reconstructed Precious Or Semi-Precious Stones, Whether Or Not Worked Or Graded But Not Strung, Mounted Or Set; Ungraded Synthetic Or Reconstructed Precious Or Semi-Precious Stones, Temporarily Strung For Convenience Of Transport -Other, Unwork, CGST applies at 0 and SGST/UTGST at 0 for intrastate supplies. Interstate transactions are taxed under IGST at 0.
Yes, GST registration is mandatory for businesses dealing in Synthetic Or Reconstructed Precious Or Semi-Precious Stones, Whether Or Not Worked Or Graded But Not Strung, Mounted Or Set; Ungraded Synthetic Or Reconstructed Precious Or Semi-Precious Stones, Temporarily Strung For Convenience Of Transport -Other, Unwork under HSN 71042120. This enables you to legally collect taxes and claim input credits on purchases.
For importing goods under Natural Or Cultured Pearls, P, you need GST registration along with an Import Export Code. Exporters should also obtain AD Code registration for processing international payments.
