--- title: "HSN Code for Imitation Precious Stones – Rubies and Sapphires | HSN 71031043 GST Rate" description: "Find HSN and GST Rates for 71031043 related to Imitation Precious Stones – Rubies and Sapphires with BUSY Accounting - The reliable source for HSN and GST details in India." canonical: "https://busy.in/hsn/hsn-71031043/" --- # HSN Code 71031043: Imitation 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 “Corundum” and “Feldspar” mineralogical species: moonstone | 0.125% | 0.125% | 0.25% | 0% | ## Frequently asked questions ### What products are classified under HSN 71031043 ? It includes Precious Metal Powders and Waste ### How much GST applies to Imitation Precious Stones – Rubies and Sapphires? Under HSN 71031043, Imitation Precious Stones – Rubies and Sapphires attracts Varies when sold in taxable form. Describe the exact form on the invoice. ### How should mixed supplies be billed when Imitation Precious Stones – Rubies and Sapphires is sold with other items? Use separate invoice lines per HSN and apply the correct rate per line (e.g., Varies for Imitation Precious Stones – Rubies and Sapphires; Nil for exempt items if applicable). ### Do e‑way bill and e‑invoice apply for Imitation 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. ### Can we claim ITC on inputs used to trade Imitation 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. ### Does packaging or labelling change the GST for Imitation 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. ## India's trade performance: HSN Code 71031043 (FY 2024-25) Source: TradeStat EIDB, Ministry of Commerce & Industry. Values in ₹ Crore (FY 2018-19 to FY 2024-25). - Exports: ₹1 Cr (−53.31% YoY) — 0.0000% of India's total exports - Imports: ₹8 Cr (+1,060.00% YoY) — 0.0001% of India's total imports - Trade balance: −₹6 Cr (Deficit); surplus rank #8754 of 12657 HSN codes - Share of Sub-Chapter 7103: 0.03% of its exports; import side 0.12% - Rank within Sub-Chapter 7103: #31 of 55 by export value; import-side #26 ### Key metrics - National export rank: #8087 of 12657 HSN codes by export value (FY 2024-25) - Peak growth year: +28.70% in FY 2022-23 - Contribution to Sub-Ch. 7103: 0.03% of its exports (FY 2024-25) ## India export-import trade statistics: HSN Code 71031043 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 | 3.09 | 0.0001% | — | 0.11% | < ₹1 Crore | 0.0000% | — | 0.01% | +2.72 | #6523 | | FY 2021-22 | 2.23 | 0.0001% | −27.83% | 0.04% | 1.36 | 0.0000% | +267.57% | 0.01% | +0.87 | #7198 | | FY 2022-23 | 2.87 | 0.0001% | +28.70% | 0.07% | 1.14 | 0.0000% | −16.18% | 0.00% | +1.73 | #7050 | | FY 2023-24 | 2.57 | 0.0001% | −10.45% | 0.06% | < ₹1 Crore | 0.0000% | −42.98% | 0.01% | +1.92 | #7301 | | FY 2024-25 | 1.20 | 0.0000% | −53.31% | 0.03% | 7.54 | 0.0001% | +1,060.00% | 0.12% | −6.34 | #8087 | ## Key trade insights: HSN Code 71031043 export-import analysis ### Export snapshot for HSN Code 71031043 India exported ₹1.20 Crore worth of Imitation Precious Stones – Rubies and Sapphires in FY 2024-25. Multi-year trend data is being compiled for this hsn code. ### HSN Code 71031043 ranked #8087 among all 12657 HSN codes by export value In FY 2024-25, HSN Code 71031043 ranks #8087 out of 12657 HSN codes by total export value. Within Sub-Chapter 7103, it ranks #31 of 55. By trade surplus, it ranks #8754 of 12657. ### FY 2022-23 was the strongest growth year for HSN Code 71031043 exports The strongest single-year export movement for HSN Code 71031043 was recorded in FY 2022-23, when exports surged by 28.70% over the prior year. ### India records a trade deficit of ₹6.34 Crore in HSN Code 71031043 goods In FY 2024-25, India's imports of ₹7.54 Cr exceeded exports of ₹1.20 Cr, resulting in a trade deficit of ₹6.34 Crore — ranking #8754 of 12657 by surplus magnitude. ### HSN Code 71031043 contributes 0.03% of Sub-Chapter 7103 exports — ranked #31 Among the 55 HSN codes under Sub-Chapter 7103, HSN Code 71031043 ranks #31 by export value — accounting for 0.03% of the sub-chapter's total exports in FY 2024-25. On the import side, it holds 0.12% share (rank #26). ## 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 | | #31 | HSN Code 71031043: Imitation Precious Stones – Rubies and Sapphires (this hsn code) | ₹1 Cr |