71031012
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 - UNWORKED OR SIMPLY SAWN OR ROUGHLY SHAPED: PRECIOUS STONES: RUBY AND SAPPHIRE
Tax Calculator for 71031012
E-Way Bill Rules
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 - unworked or simply sawn or roughly shaped: precious stones: ruby and sapphire, 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 71031012 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 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 - unworked or simply sawn or roughly shaped: precious stones: ruby and sapphire. For inter-state supplies, the full 25% IGST applies.
Frequently Asked Questions
Q: What is the GST Rate for HSN Code 71031012?
The GST rate for HSN Code 71031012 (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 - UNWORKED OR SIMPLY SAWN OR ROUGHLY SHAPED: PRECIOUS STONES: RUBY AND SAPPHIRE) is 25%.
Q: Is HSN 71031012 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 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 - UNWORKED OR SIMPLY SAWN OR ROUGHLY SHAPED: PRECIOUS STONES: RUBY AND SAPPHIRE?
Multiply the taxable value by 0.25. For ₹1000 value, GST is ₹250.
Q: Does Reverse Charge (RCM) apply?
No, standard Forward Charge applies.