India has a rich history of pearl cultivation and trade. Pearls have been used as a symbol of wealth, status, and beauty for centuries in India. With the introduction of Goods and Services Tax (GST), the government has made some changes in the tax rates and HSN codes for pearls. In this article, we will discuss the GST rates and HSN code for pearls.
Pearls are classified under Chapter 71 of the GST Tariff. The GST rates for pearls depend on various factors such as the type of pearls, the quality, the origin, etc. The following are the GST rates for pearls:
1. 5% GST on Natural Pearls, Cultured Pearls, and other precious or semi-precious stones.
2. 18% GST on Strung Natural Pearls, Strung Cultured Pearls, Strung Synthetic Pearls, and Strung Imitation Pearls.
3. 12% GST on Unworked Corals.
The HSN code for pearls is 7101. The HSN code is a 6-digit code that is used to classify goods for taxation purposes. The HSN code for pearls is used to identify pearls and pearl products for the purpose of GST.
The GST rates and HSN code for pearls have been revised under the Goods and Services Tax regime. The GST rates for pearls depend on various factors such as the type of pearls, the quality, the origin, etc. The HSN code for pearls is 7101. It is important for businesses dealing with pearls to understand the GST rates and HSN code to remain compliant with the government regulations.
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