7103
PRECIOUS STONES (OTHER THAN DIAMONDS) AND SEMI PRECIOUS 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.
Tax Calculator for 7103
E-Way Bill Rules
For precious stones (other than diamonds) and semi precious 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., the E-Way Bill threshold is ₹50,000. Since the rate is 25%, you must generate a bill if the Taxable Value exceeds ₹40,000.
Example Calculation
- Base Value: ₹40,000
- + GST (25%): ₹10,000
- Total Invoice: ~₹50,000
Invoice Example
Breakdown for a sample invoice value of ₹1,000:
Compliance & Validation
HSN 7103 falls under Chapter 71. It is mandatory to mention this code on invoices if your annual turnover exceeds ₹5 Crore. For turnover below ₹5 Crore, mentioning the 4-digit code (7103) is sufficient for B2B invoices.
Ensure that you charge 12.5% CGST and 12.5% SGST for intra-state supplies of precious stones (other than diamonds) and semi precious 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.. For inter-state supplies, the full 25% IGST applies.
Frequently Asked Questions
Q: What is the GST Rate for HSN Code 7103?
The GST rate for HSN Code 7103 (PRECIOUS STONES (OTHER THAN DIAMONDS) AND SEMI PRECIOUS 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.) is 25%.
Q: Is HSN 7103 eligible for Input Tax Credit (ITC)?
ITC availability is classified as 'check'. Generally, businesses can claim ITC unless used for personal consumption or blocked under Section 17(5).
Q: How to calculate GST amount for PRECIOUS STONES (OTHER THAN DIAMONDS) AND SEMI PRECIOUS 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.?
Multiply the taxable value by 0.25. For ₹1000 value, GST is ₹250.
Q: Does Reverse Charge (RCM) apply?
No, standard Forward Charge applies.