Parts Of Goldsmiths - GST Rates HSN Code 7114

Goldsmiths have been a part of Indian culture and tradition for centuries. They are responsible for crafting intricate and beautiful gold jewelry that adorns the hands, necks, and ears of people across the country. However, the process of creating these jewelry pieces is not as simple as we may think. There are several parts of Goldsmiths that are required to create these beautiful pieces of jewelry. In this article, we will discuss the GST rates and HSN code for these parts of Goldsmiths.

Firstly, let us discuss the various parts of Goldsmiths.

These include:

1. Chains - Chains are an essential part of any jewelry piece. They are used to connect the different parts of a necklace or a bracelet. These chains are available in different styles and designs.

2. Hooks - Hooks are used to attach pendants or other decorative elements to necklaces or bracelets.

3. Wires - Wires are thin strands of metal that are used to create intricate designs in jewelry.

4. Beads - Beads are small, spherical objects that are used to add color and texture to jewelry pieces.

5. Clasps - Clasps are used to fasten the ends of a necklace or bracelet together.

Now that we have discussed the various parts of Goldsmiths, let us move on to the GST rates and HSN code for these parts. The GST rate for parts of Goldsmiths is 18%. This rate is applicable to all the parts mentioned above. However, there are some exceptions to this rule. For example, the GST rate for gold chains is 3%. This reduced rate is applicable only if the chains are made from pure gold and are not studded with any precious stones.

Similarly, the GST rate for silver chains is 5%. The HSN code for parts of Goldsmiths is 7114. This code is applicable to all the parts mentioned above.

However, there are some exceptions to this rule. For example, the HSN code for gold chains is 7113. This code is applicable only if the chains are made from pure gold and are not studded with any precious stones. Similarly, the HSN code for silver chains is 7113.

Conclusion

In conclusion, the parts of Goldsmiths play an essential role in the creation of beautiful jewelry pieces. The GST rates and HSN code for these parts are crucial for small and medium business owners and startup founders who are involved in the Goldsmith industry. We hope that this article has provided you with valuable information on the GST rates and HSN code for parts of Goldsmiths.