--- title: "HSN Code for Synthetic Precious Stones – Rubies and Sapphires | HSN 71031032 GST Rate" description: "Find HSN and GST Rates for 71031032 related to Synthetic Precious Stones – Rubies and Sapphires with BUSY Accounting - The reliable source for HSN and GST details in India." canonical: "https://busy.in/hsn/hsn-71031032/" --- # HSN Code 71031032: Synthetic Precious Stones – Rubies and Sapphires - [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 7103: Reconstructed precious stone](https://busy.in/hsn/sub-chapter-7103/) ## GST rates | Description | CGST | SGST | IGST | CESS | | --- | --- | --- | --- | --- | | Unworked or simply sawn or roughly shaped: Precious or semi-precious stones of “Beryl” and “Chrysoberyl” mineralogical species: : Yellow/golden/pink/red/green beryl | 0.125% | 0.125% | 0.25% | 0% | ## Frequently asked questions ### What products are classified under HSN 71031032 ? It includes Synthetic Precious Stones – Other Types ### How much GST applies to Synthetic Precious Stones – Rubies and Sapphires? Under HSN 71031032, Synthetic Precious Stones – Rubies and Sapphires attracts Varies when sold in taxable form. Describe the exact form on the invoice. ### Do e‑way bill and e‑invoice apply for Synthetic Precious Stones – Rubies and Sapphires? 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. ### Does packaging or labelling change the GST for Synthetic Precious Stones – Rubies and Sapphires? 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 Synthetic Precious Stones – Rubies and Sapphires? Use the exact HSN and describe the form/grade. For multi‑line invoices, apply the rate per line to avoid wrong tax collection. ### Can we claim ITC on inputs used to trade Synthetic Precious Stones – Rubies and Sapphires? 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 71031032 (FY 2024-25) Source: TradeStat EIDB, Ministry of Commerce & Industry. Values in ₹ Crore (FY 2018-19 to FY 2024-25). - Exports: < ₹1 Crore (−54.05% YoY) — 0.0000% of India's total exports - Imports: ₹19 Cr (−57.85% YoY) — 0.0003% of India's total imports - Trade balance: −₹18 Cr (Deficit); surplus rank #9489 of 12657 HSN codes - Share of Sub-Chapter 7103: 0.01% of its exports; import side 0.31% - Rank within Sub-Chapter 7103: #33 of 55 by export value; import-side #19 ### Key metrics - National export rank: #8811 of 12657 HSN codes by export value (FY 2024-25) - Peak growth year: +164.29% in FY 2023-24 - Contribution to Sub-Ch. 7103: 0.01% of its exports (FY 2024-25) ## India export-import trade statistics: HSN Code 71031032 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. 7103 | Imports (₹ Cr) | Imp share | Imp YoY | Imp % of Sub-Ch. 7103 | Trade balance | Exp rank | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | FY 2018-19 | Nil | 0.0000% | — | 0.00% | Nil | 0.0000% | — | 0.00% | 0.00 | — | | FY 2019-20 | Nil | 0.0000% | — | 0.00% | Nil | 0.0000% | — | 0.00% | 0.00 | — | | FY 2020-21 | < ₹1 Crore | 0.0000% | — | 0.01% | 34.28 | 0.0012% | — | 0.61% | −33.93 | #8484 | | FY 2021-22 | < ₹1 Crore | 0.0000% | −8.57% | 0.01% | 38.29 | 0.0008% | +11.70% | 0.26% | −37.97 | #8897 | | FY 2022-23 | < ₹1 Crore | 0.0000% | +31.25% | 0.01% | 34.55 | 0.0006% | −9.77% | 0.13% | −34.13 | #8817 | | FY 2023-24 | 1.11 | 0.0000% | +164.29% | 0.03% | 44.82 | 0.0008% | +29.73% | 0.74% | −43.71 | #8160 | | FY 2024-25 | < ₹1 Crore | 0.0000% | −54.05% | 0.01% | 18.89 | 0.0003% | −57.85% | 0.31% | −18.38 | #8811 | ## Key trade insights: HSN Code 71031032 export-import analysis ### Export snapshot for HSN Code 71031032 India exported ₹0.51 Crore worth of Synthetic Precious Stones – Rubies and Sapphires in FY 2024-25. Multi-year trend data is being compiled for this hsn code. ### HSN Code 71031032 ranked #8811 among all 12657 HSN codes by export value In FY 2024-25, HSN Code 71031032 ranks #8811 out of 12657 HSN codes by total export value. Within Sub-Chapter 7103, it ranks #33 of 55. By trade surplus, it ranks #9489 of 12657. ### FY 2023-24 was the strongest growth year for HSN Code 71031032 exports The strongest single-year export movement for HSN Code 71031032 was recorded in FY 2023-24, when exports surged by 164.29% over the prior year. ### India records a trade deficit of ₹18.38 Crore in HSN Code 71031032 goods In FY 2024-25, India's imports of ₹18.89 Cr exceeded exports of ₹0.51 Cr, resulting in a trade deficit of ₹18.38 Crore — ranking #9489 of 12657 by surplus magnitude. ### HSN Code 71031032 contributes 0.01% of Sub-Chapter 7103 exports — ranked #33 Among the 55 HSN codes under Sub-Chapter 7103, HSN Code 71031032 ranks #33 by export value — accounting for 0.01% of the sub-chapter's total exports in FY 2024-25. On the import side, it holds 0.31% share (rank #19). ## Related HSN Codes in Sub-Chapter 7103 Ranked by export value (FY 2024-25). | Rank | HSN Code | Exports (FY 2024-25) | | --- | --- | --- | | #1 | [HSN Code 71039130: Other Parts for Jewellery](https://busy.in/hsn/hsn-71039130/) | ₹1,833 Cr | | #2 | [HSN Code 71039990: Other Precious or Semi-Precious Stones](https://busy.in/hsn/hsn-71039990/) | ₹412 Cr | | #3 | [HSN Code 71039952: Tanzanite Precious or Semi-Precious Stones](https://busy.in/hsn/hsn-71039952/) | ₹407 Cr | | #4 | [HSN Code 71039110: Precious Metal Parts for Jewellery](https://busy.in/hsn/hsn-71039110/) | ₹247 Cr | | #5 | [HSN Code 71039120: Base Metal Parts for Jewellery](https://busy.in/hsn/hsn-71039120/) | ₹184 Cr | | #6 | [HSN Code 71039939: Other Articles of Base Metals](https://busy.in/hsn/hsn-71039939/) | ₹146 Cr | | #7 | [HSN Code 71039951: Tourmaline & Zoisite Precious or Semi-Precious Stones](https://busy.in/hsn/hsn-71039951/) | ₹145 Cr | | #8 | [HSN Code 71039919: Other Articles of Precious Metals](https://busy.in/hsn/hsn-71039919/) | ₹113 Cr | | #9 | [HSN Code 71039949: Prehnite & Quartz Precious or Semi-Precious Stones](https://busy.in/hsn/hsn-71039949/) | ₹83 Cr | | #10 | [HSN Code 71039911: Precious Metal Foil and Leaf](https://busy.in/hsn/hsn-71039911/) | ₹56 Cr | | #33 | HSN Code 71031032: Synthetic Precious Stones – Rubies and Sapphires (this hsn code) | < ₹1 Crore |