7106
SILVER (INCLUDING SILVER PLATED WITH GOLD OR PLATINUM), UNWROUGHT OR IN SEMI-MANUFACTURED FORMS, OR IN POWDER FORM
Tax Calculator for 7106
E-Way Bill Rules
For silver (including silver plated with gold or platinum), unwrought or in semi-manufactured forms, or in powder form, the E-Way Bill threshold is ₹50,000. Since the rate is 3%, you must generate a bill if the Taxable Value exceeds ₹48,543.
Example Calculation
- Base Value: ₹48,543
- + GST (3%): ₹1,456.29
- Total Invoice: ~₹50,000
Invoice Example
Breakdown for a sample invoice value of ₹1,000:
Compliance & Validation
HSN 7106 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 (7106) is sufficient for B2B invoices.
Ensure that you charge 1.5% CGST and 1.5% SGST for intra-state supplies of silver (including silver plated with gold or platinum), unwrought or in semi-manufactured forms, or in powder form. For inter-state supplies, the full 3% IGST applies.
Frequently Asked Questions
Q: What is the GST Rate for HSN Code 7106?
The GST rate for HSN Code 7106 (SILVER (INCLUDING SILVER PLATED WITH GOLD OR PLATINUM), UNWROUGHT OR IN SEMI-MANUFACTURED FORMS, OR IN POWDER FORM) is 3%.
Q: Is HSN 7106 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 SILVER (INCLUDING SILVER PLATED WITH GOLD OR PLATINUM), UNWROUGHT OR IN SEMI-MANUFACTURED FORMS, OR IN POWDER FORM?
Multiply the taxable value by 0.03. For ₹1000 value, GST is ₹30.
Q: Does Reverse Charge (RCM) apply?
No, standard Forward Charge applies.