71031033
CHRYSOBERYL (INCLUDING CHRYSOBERYL CAT’S EYE)
Tax Calculator for 71031033
E-Way Bill Rules
For chrysoberyl (including chrysoberyl cat’s eye), 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 71031033 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 chrysoberyl (including chrysoberyl cat’s eye). For inter-state supplies, the full 25% IGST applies.
Frequently Asked Questions
Q: What is the GST Rate for HSN Code 71031033?
The GST rate for HSN Code 71031033 (CHRYSOBERYL (INCLUDING CHRYSOBERYL CAT’S EYE)) is 25%.
Q: Is HSN 71031033 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 CHRYSOBERYL (INCLUDING CHRYSOBERYL CAT’S EYE)?
Multiply the taxable value by 0.25. For ₹1000 value, GST is ₹250.
Q: Does Reverse Charge (RCM) apply?
No, standard Forward Charge applies.