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HSN Code - 7114 :
| HSN CODE | Description | Policy |
|---|---|---|
| 7114 | ARTICLES OF GOLDSMITHS’ OR SILVERSMITHS’ WARES AND PARTS THEREOF, OF PRECIOUS METAL OR OF METAL CLAD WITH PRECIOUS METAL | |
| 711411 | Of silver, whether or not plated or clad with precious metal | |
| 71141110 | MANUFACTURES OF SILVER | Free |
| 71141120 | PARTS | Free |
| 711419 | Of other precious metal, whether or not plated or clad with precious metal | |
| 71141910 | MANUFACTURES OF GOLD | Free |
| 71141920 | MANUFACTURES OF PLATINIM GROUP METALS | Free |
| 71141930 | Parts | Free |
| 711420 | Of base metal clad with precious metal | |
| 71142010 | ARTCLS CLAD WITH GOLD | Free |
| 71142020 | OTHR ARTCLS OF BASE MTAL CLAD WTH PRCS MTL | Free |
| 71142030 | PARTS | Free |
Harmonised System of Nomenclature (HSN Codes) 7114 are used for the ARTICLES OF GOLDSMITHS’ OR SILVERSMITHS’ WARES AND PARTS THEREOF, OF PRECIOUS METAL OR OF METAL CLAD WITH PRECIOUS METAL 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.
FAQs on HSN Code 7114
What is HSN Code 7114 used for?
HSN Code 7114 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 7114 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 7114?
The GST rate for HSN Code 7114 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 7114?
The import or export policy for HSN Code 7114 depends on DGFT and trade policy notifications. Businesses should verify the latest policy before cross-border trade.
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.