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HSN Code - 71131940 : Of other precious metal, whether or not plated or clad with precious metal (JEWELLERY OF GOLD SET WITH PRECIOUS AND SEMI PRECIOUS STONES OTHER THAN DIAMONDS)
| HSN CODE | Description | Policy |
|---|---|---|
| 7113 | ARTICLES OF JEWELLERY AND PARTS THEREOF, OF PRECIOUS METAL OR OF METAL CLAD WITH PRECIOUS METAL | |
| 711319 | Of other precious metal, whether or not plated or clad with precious metal | |
| 71131940 | JEWELLERY OF GOLD SET WITH PRECIOUS AND SEMI PRECIOUS STONES OTHER THAN DIAMONDS | Free |
Harmonised System of Nomenclature (HSN Codes) 71131940 are used for the JEWELLERY OF GOLD SET WITH PRECIOUS AND SEMI PRECIOUS STONES OTHER THAN DIAMONDS products under Goods and Service Tax classification.
India was originally using 6 digit HSN codes to classify commodities but later two more digits were added to make the codes more precise, resulting in an 8 digit classification.
Understanding HSN Code 71131940
First two digits (71) represent the chapter number which is Chapter 71 - Natural or cultured pearls, precious or semi-precious stones, precious metals, metals clad with precious metal and articles thereof; imitation jewellery; coin.
Next two digits (13) represent the heading number which is ARTICLES OF JEWELLERY AND PARTS THEREOF, OF PRECIOUS METAL OR OF METAL CLAD WITH PRECIOUS METAL
Next two digits (19) represent the product code which is Of other precious metal, whether or not plated or clad with precious metal
Last two digits (40) are for final or deeper classification which is JEWELLERY OF GOLD SET WITH PRECIOUS AND SEMI PRECIOUS STONES OTHER THAN DIAMONDS
All 8 digits of HSN code is mandatory for export & imports for tax invoice of GST.
FAQs on HSN Code 71131940
What is HSN Code 71131940 used for?
HSN Code 71131940 is used to classify goods under GST for invoicing, taxation, import, and export. Businesses use this code to correctly identify products while filing GST returns and trade documents.
Is HSN Code 71131940 mandatory for GST invoices?
Yes. HSN codes are mandatory on GST invoices for most businesses, especially for B2B transactions, exports, and imports. The level of digits required depends on turnover and transaction type.
What is the GST rate for HSN Code 71131940?
The GST rate for HSN Code 71131940 depends on the product specification and the latest GST notifications. Businesses should verify the applicable rate from CBIC notifications or consult a tax professional before invoicing.
What is the import or export policy for HSN Code 71131940?
As per current trade policy, HSN Code 71131940 falls under "Free" category. Import or export may be subject to specific conditions or approvals.
What is the difference between HSN Code and SAC Code?
HSN codes are used for goods or products, while SAC codes are used for services. Businesses dealing in both goods and services must use the correct code type for GST compliance.