What is the jewellery HSN code?
Each type of jewellery, whether gold, diamond, or imitation, has a specific HSN code that helps in accurate tax filing and compliance under the Goods and Services Tax (GST) regime. For instance, gold jewellery generally falls under the HSN code 7113, while imitation jewellery may have different classifications. Knowing the correct HSN code is essential for businesses to ensure they apply the correct GST rate and avoid any penalties. Using the appropriate HSN code also facilitates smoother international trade and ensures that businesses comply with global standards.HSN code and GST rate for imitation jewellery
Imitation jewellery, often made from non-precious metals and materials, falls under a specific category in the HSN system. The HSN code for imitation jewellery is typically 7117. This classification includes a variety of items such as rings, necklaces, bangles, and earrings made from inexpensive metals, plastic, or other synthetic materials. The GST rate applicable to imitation jewellery under this HSN code is generally 12%. This GST rate is critical for businesses dealing in imitation jewellery as it determines the tax amount to be levied on sales.For businesses, applying the correct HSN code and corresponding GST rate ensures compliance with tax laws and avoids legal complications. Imitation jewellery has a substantial market in India, catering to a wide range of consumers looking for affordable accessories. Therefore, understanding the correct HSN code and GST rate is vital for businesses to price their products accurately and remain competitive in the market.
Different types of jewellery of HSN code
Type of jewellery | HSN code |
Gold jewellery | 7113 |
Diamond jewellery | 7113 |
Imitation jewellery | 7117 |
Silver jewellery | 7114 |
Platinum jewellery | 7112 |
Artificial jewellery | 7117 |
Precious metal jewellery | 7113 |
Gold jewellery HSN code
Gold jewellery, highly sought after in India, holds significant cultural and financial value. The HSN code for gold jewellery is 7113. This code is crucial for categorising gold jewellery under the GST framework, ensuring accurate taxation and compliance.Artificial jewellery HSN code
Artificial jewellery, designed to resemble real jewellery but made from non-precious materials, falls under HSN code 7117. This classification ensures that the correct GST rate is applied, which is typically lower than that for precious metal jewellery.Imitation jewellery HSN code
Imitation jewellery, which is often made from inexpensive metals and stones, is categorised under HSN code 7117. This code helps businesses apply the correct 12% GST rate, ensuring compliance with tax regulations.Diamond jewellery HSN code
Diamond jewellery, often associated with luxury, is classified under HSN code 7113. This code is essential for determining the correct GST rate, which is typically higher due to the precious nature of diamonds.Fashion jewellery HSN code
Fashion jewellery, encompassing trendy and often non-traditional designs, is also classified under HSN code 7117. This code applies a 12% GST rate, which is critical for businesses in the fashion accessory industry.Conclusion
Understanding the correct HSN codes for different types of jewellery is crucial for businesses to ensure compliance with GST regulations. Whether dealing with gold, diamond, or imitation jewellery, applying the correct HSN code not only ensures accurate taxation but also supports smoother business operations.Know more about Bajaj Finserv Business Loans
Here are some of the key advantages of our business loan that make it an ideal choice for your business expenses:- Simplified application process: Online applications streamline the process, reducing paperwork and saving time.
- High loan amount: Businesses can borrow funds up to Rs. 80 lakh, depending on their needs and qualification.
- Quick disbursal: Funds can be received in as little as 48 hours of approval, allowing businesses to respond promptly to opportunities and needs.
- Competitive interest rates: The interest rates for our business loans range from 14% to 30% per annum.