--- title: "HSN Code for Other Precious or Semi-Precious Stones | HSN 71023990 GST Rate" description: "Find HSN and GST Rates for 71023990 related to Other Precious or Semi-Precious Stones with BUSY Accounting - The reliable source for HSN and GST details in India." canonical: "https://busy.in/hsn/hsn-71023990/" --- # HSN Code 71023990: Other Precious or Semi-Precious Stones - [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 | | --- | --- | --- | --- | --- | | Non-industrial : Others : Other | 0.125% | 0.125% | 0.25% | 0% | | Non-industrial : Others : Other (other than those specified in .125% rate entry ) | 0.75% | 0.75% | 1.5% | 0% | ## Frequently asked questions ### What products are classified under HSN 71023990 ? It includes Synthetic Precious Stones – Emeralds ### Does packaging or labelling change the GST for Other Precious or Semi-Precious Stones? 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 Other Precious or Semi-Precious Stones? 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 Other Precious or Semi-Precious Stones is sold with other items? Use separate invoice lines per HSN and apply the correct rate per line (e.g., Varies for Other Precious or Semi-Precious Stones; Nil for exempt items if applicable). ### How much GST applies to Other Precious or Semi-Precious Stones? Under HSN 71023990, Other Precious or Semi-Precious Stones attracts Varies when sold in taxable form. Describe the exact form on the invoice. ### Can we claim ITC on inputs used to trade Other Precious or Semi-Precious Stones? If your outward supply is taxable, eligible ITC is available subject to general restrictions. For exempt/Nil supplies, reverse credit per Rule 42. ## India's trade performance: HSN Code 71023990 (FY 2024-25) Source: TradeStat EIDB, Ministry of Commerce & Industry. Values in ₹ Crore (FY 2018-19 to FY 2024-25). - Exports: < ₹1 Crore (−99.18% YoY) — 0.0000% of India's total exports - Imports: ₹8 Cr (+311.22% YoY) — 0.0001% of India's total imports - Trade balance: −₹8 Cr (Deficit); surplus rank #8913 of 12657 HSN codes - Share of Sub-Chapter 7102: 0.00% of its exports; import side 0.01% - Rank within Sub-Chapter 7102: #6 of 8 by export value; import-side #6 ### Key metrics - Export CAGR: -53.34% (FY 2018-19 to FY 2024-25, 7 fiscal years) - National export rank: #9329 of 12657 HSN codes by export value (FY 2024-25) - Peak growth year: +6,966.17% in FY 2020-21 - Contribution to Sub-Ch. 7102: 0.00% of its exports (FY 2024-25) ## India export-import trade statistics: HSN Code 71023990 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 | 23.27 | 0.0010% | — | 0.01% | 36.49 | 0.0010% | — | 0.02% | −13.22 | #3903 | | FY 2019-20 | 2.01 | 0.0001% | −91.36% | 0.00% | 6.33 | 0.0002% | −82.65% | 0.00% | −4.32 | #6930 | | FY 2020-21 | 142.03 | 0.0066% | +6,966.17% | 0.11% | 2.86 | 0.0001% | −54.82% | 0.00% | +139.17 | #1712 | | FY 2021-22 | 2.45 | 0.0001% | −98.28% | 0.00% | 40.62 | 0.0009% | +1,320.28% | 0.02% | −38.17 | #7122 | | FY 2022-23 | 1.04 | 0.0000% | −57.55% | 0.00% | 72.33 | 0.0013% | +78.07% | 0.03% | −71.29 | #8070 | | FY 2023-24 | 29.18 | 0.0008% | +2,705.77% | 0.02% | 2.05 | 0.0000% | −97.17% | 0.00% | +27.13 | #4278 | | FY 2024-25 | < ₹1 Crore | 0.0000% | −99.18% | 0.00% | 8.43 | 0.0001% | +311.22% | 0.01% | −8.19 | #9329 | - CAGR (7-year): exports -53.34%/yr, imports -21.67%/yr (consistently Deficit) ## Key trade insights: HSN Code 71023990 export-import analysis ### Export decline: -53.34% CAGR over 7 years India's exports under HSN Code 71023990 have declined at a compound annual rate of -53.34% over 7 fiscal years, falling from ₹23.27 Crore in FY 2018-19 to ₹0.24 Crore in FY 2024-25. ### HSN Code 71023990 ranked #9329 among all 12657 HSN codes by export value In FY 2024-25, HSN Code 71023990 ranks #9329 out of 12657 HSN codes by total export value. Within Sub-Chapter 7102, it ranks #6 of 8. By trade surplus, it ranks #8913 of 12657. ### FY 2020-21 was the strongest growth year for HSN Code 71023990 exports The strongest single-year export movement for HSN Code 71023990 was recorded in FY 2020-21, when exports surged by 6,966.17% over the prior year. ### India records a trade deficit of ₹8.19 Crore in HSN Code 71023990 goods In FY 2024-25, India's imports of ₹8.43 Cr exceeded exports of ₹0.24 Cr, resulting in a trade deficit of ₹8.19 Crore — ranking #8913 of 12657 by surplus magnitude. ### Import growth of -21.67% CAGR signals stable import dependency for Other Precious or Semi-Precious Stones India's imports under HSN Code 71023990 have grown at -21.67% CAGR, reaching ₹8.43 Crore in FY 2024-25. ### HSN Code 71023990 contributes 0.00% of Sub-Chapter 7102 exports — ranked #6 Among the 8 HSN codes under Sub-Chapter 7102, HSN Code 71023990 ranks #6 by export value — accounting for 0.00% of the sub-chapter's total exports in FY 2024-25. On the import side, it holds 0.01% share (rank #6). ## 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)](https://busy.in/hsn/hsn-71021000/) | < ₹1 Crore | | #6 | HSN Code 71023990: Other Precious or Semi-Precious Stones (this hsn code) | < ₹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 |