--- title: "HSN Code for Precious Stones (Not Elsewhere Specified) | HSN 71021000 GST Rate" description: "Find HSN and GST Rates for 71021000 related to Precious Stones (Not Elsewhere Specified) with BUSY Accounting - The reliable source for HSN and GST details in India." canonical: "https://busy.in/hsn/hsn-71021000/" --- # HSN Code 71021000: Precious Stones (Not Elsewhere Specified) - [Section 14: Guide to HSN Section 14](https://busy.in/hsn/section-14/) - [Chapter 71: Natural Pearls & Metals](https://busy.in/hsn/chapter-71/) - [Sub-chapter 7102: Unworked Diamonds](https://busy.in/hsn/sub-chapter-7102/) ## GST rates | Description | CGST | SGST | IGST | CESS | | --- | --- | --- | --- | --- | | Unsorted | 0.125% | 0.125% | 0.25% | 0% | ## Frequently asked questions ### What products are classified under HSN 71021000 ? It includes Other Precious Stones – Unworked ### Does packaging or labelling change the GST for Precious Stones (Not Elsewhere Specified)? For food/agri items, GST can be 5% when not fresh/chilled and sold as pre‑packaged & labelled; otherwise often Nil. For non‑food items, rates depend on the specific sub‑heading. ### Any common misclassification issue with Precious Stones (Not Elsewhere Specified)? Use the exact HSN and describe the form/grade. For multi‑line invoices, apply the rate per line to avoid wrong tax collection. ### How should mixed supplies be billed when Precious Stones (Not Elsewhere Specified) is sold with other items? Use separate invoice lines per HSN and apply the correct rate per line (e.g., Varies for Precious Stones (Not Elsewhere Specified); Nil for exempt items if applicable). ### How much GST applies to Precious Stones (Not Elsewhere Specified)? Under HSN 71021000, Precious Stones (Not Elsewhere Specified) attracts Varies when sold in taxable form. Describe the exact form on the invoice. ### Can we claim ITC on inputs used to trade Precious Stones (Not Elsewhere Specified)? If your outward supply is taxable, eligible ITC is available subject to general restrictions. For exempt/Nil supplies, reverse credit per Rule 42. ### Do e‑way bill and e‑invoice apply for Precious Stones (Not Elsewhere Specified)? e‑Way bill is needed above ₹50,000 consignment value (subject to exemptions). e‑Invoicing is turnover‑based (presently AATO > ₹5 crore) for B2B supplies. ## India's trade performance: HSN Code 71021000 (FY 2024-25) Source: TradeStat EIDB, Ministry of Commerce & Industry. Values in ₹ Crore (FY 2018-19 to FY 2024-25). - Exports: < ₹1 Crore (−80.73% YoY) — 0.0000% of India's total exports - Imports: ₹1,938 Cr (+35.42% YoY) — 0.0319% of India's total imports - Trade balance: −₹1,937 Cr (Deficit); surplus rank #12411 of 12657 HSN codes - Share of Sub-Chapter 7102: 0.00% of its exports; import side 1.41% - Rank within Sub-Chapter 7102: #5 of 8 by export value; import-side #3 ### Key metrics - Export CAGR: 35.07% (FY 2018-19 to FY 2024-25, 7 fiscal years) - National export rank: #8383 of 12657 HSN codes by export value (FY 2024-25) - Peak growth year: +1,62,714.29% in FY 2019-20 - Contribution to Sub-Ch. 7102: 0.00% of its exports (FY 2024-25) ## India export-import trade statistics: HSN Code 71021000 7-year export and import data, FY 2018-19 to FY 2024-25, in ₹ Crore. Source: Ministry of Commerce & Industry, TradeStat EIDB. | FY | Exports (₹ Cr) | Exp share | Exp YoY | Exp % of Sub-Ch. 7102 | Imports (₹ Cr) | Imp share | Imp YoY | Imp % of Sub-Ch. 7102 | Trade balance | Exp rank | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | FY 2018-19 | < ₹1 Crore | 0.0000% | — | 0.00% | 484.10 | 0.0135% | — | 0.27% | −483.96 | #9021 | | FY 2019-20 | 227.94 | 0.0104% | +1,62,714.29% | 0.16% | 1,944.61 | 0.0581% | +301.70% | 1.31% | −1,716.67 | #1209 | | FY 2020-21 | 107.82 | 0.0050% | −52.70% | 0.09% | 968.65 | 0.0332% | −50.19% | 0.76% | −860.83 | #1983 | | FY 2021-22 | 5.20 | 0.0002% | −95.18% | 0.00% | 2,786.04 | 0.0610% | +187.62% | 1.36% | −2,780.84 | #6301 | | FY 2022-23 | Nil | 0.0000% | −100.00% | 0.00% | 1,494.43 | 0.0260% | −46.36% | 0.72% | −1,494.43 | — | | FY 2023-24 | 4.41 | 0.0001% | — | 0.00% | 1,431.03 | 0.0255% | −4.24% | 0.80% | −1,426.62 | #6723 | | FY 2024-25 | < ₹1 Crore | 0.0000% | −80.73% | 0.00% | 1,937.96 | 0.0319% | +35.42% | 1.41% | −1,937.11 | #8383 | - CAGR (7-year): exports 35.07%/yr, imports 26.01%/yr (consistently Deficit) ## Key trade insights: HSN Code 71021000 export-import analysis ### Consistent export growth: 35.07% CAGR over 7 years India's exports under HSN Code 71021000 have grown at a compound annual rate of 35.07% over 7 fiscal years, rising from ₹0.14 Crore in FY 2018-19 to ₹0.85 Crore in FY 2024-25. ### HSN Code 71021000 ranked #8383 among all 12657 HSN codes by export value In FY 2024-25, HSN Code 71021000 ranks #8383 out of 12657 HSN codes by total export value. Within Sub-Chapter 7102, it ranks #5 of 8. By trade surplus, it ranks #12411 of 12657. ### FY 2019-20 was the strongest growth year for HSN Code 71021000 exports The strongest single-year export movement for HSN Code 71021000 was recorded in FY 2019-20, when exports surged by 1,62,714.29% over the prior year. ### India records a trade deficit of ₹1,937.11 Crore in HSN Code 71021000 goods In FY 2024-25, India's imports of ₹1,937.96 Cr exceeded exports of ₹0.85 Cr, resulting in a trade deficit of ₹1,937.11 Crore — ranking #12411 of 12657 by surplus magnitude. ### Import growth of 26.01% CAGR signals rising demand for Precious Stones (Not Elsewhere Specified) India's imports under HSN Code 71021000 have grown at 26.01% CAGR, reaching ₹1,937.96 Crore in FY 2024-25. ### HSN Code 71021000 contributes 0.00% of Sub-Chapter 7102 exports — ranked #5 Among the 8 HSN codes under Sub-Chapter 7102, HSN Code 71021000 ranks #5 by export value — accounting for 0.00% of the sub-chapter's total exports in FY 2024-25. On the import side, it holds 1.41% share (rank #3). ## Related HSN Codes in Sub-Chapter 7102 Ranked by export value (FY 2024-25). | Rank | HSN Code | Exports (FY 2024-25) | | --- | --- | --- | | #1 | [HSN Code 71023910: Cut or Worked Non-Industrial Diamonds](https://busy.in/hsn/hsn-71023910/) | ₹1,12,188 Cr | | #2 | [HSN Code 71023100: Sapphires, Rubies and Emeralds](https://busy.in/hsn/hsn-71023100/) | ₹4,152 Cr | | #3 | [HSN Code 71022110: Diamonds – Unworked](https://busy.in/hsn/hsn-71022110/) | ₹33 Cr | | #4 | [HSN Code 71022120: Diamonds – Worked](https://busy.in/hsn/hsn-71022120/) | ₹14 Cr | | #5 | HSN Code 71021000: Precious Stones (Not Elsewhere Specified) (this hsn code) | < ₹1 Crore | | #6 | [HSN Code 71023990: Other Precious or Semi-Precious Stones](https://busy.in/hsn/hsn-71023990/) | < ₹1 Crore | | #7 | [HSN Code 71022990: Other Precious Stones – Worked](https://busy.in/hsn/hsn-71022990/) | < ₹1 Crore | | — | [HSN Code 71022910: Other Precious Stones – Unworked](https://busy.in/hsn/hsn-71022910/) | Nil |