7114 HSN Code: Precious metal articles & wares

HSN Sub Chapter 7114 represents Precious metal articles & wares under GST classification. This code helps businesses identify Precious metal articles & wares correctly for billing, taxation, and trade purposes. With HSN Sub Chapter 7114, companies can avoid errors in invoices, simplify compliance, and enable hassle-free import/export of Precious metal articles & wares.

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New GST Rate for HSN Code 7114

GST Rate for Precious metal articles & wares under HSN Code 7114. Understand current tax rates, exemptions, and legal classifications to ensure accurate billing and GST filing.

Chapter No

71

HSN Code

7114

HSN Description

Articles of goldsmiths’ or silversmiths’ wares and parts thereof, of precious metal or of metal clad with precious metal

New GST Rate

3 %
Essential

Old GST Rate

3 %

Tariff HSN Codes under HSN Sub Chapter 7114

Following tariff HSN codes fall under Precious metal articles & wares.

Tariff HSN

71141110

Description

Of precious metal, whether or not plated or clad with precious metal : Of silver, whether or not plated or clad with precious metal : Articles

Tariff HSN

71141120

Description

Of precious metal, whether or not plated or clad with precious metal : Of silver, whether or not plated or clad with precious metal : Parts

Tariff HSN

71141910

Description

Of precious metal, whether or not plated or clad with precious metal : Of other precious metal, whether or not plated or clad with precious metal : Articles of gold

Tariff HSN

71141920

Description

Of precious metal, whether or not plated or clad with precious metal : Of other precious metal, whether or not plated or clad with precious metal : Articles of platinum

Tariff HSN

71141930

Description

Of precious metal, whether or not plated or clad with precious metal : Of other precious metal, whether or not plated or clad with precious metal : Parts

Tariff HSN

71142010

Description

Of base metal clad with precious metal : Articles clad with gold

Tariff HSN

71142020

Description

Of base metal clad with precious metal : Other articles

Tariff HSN

71142030

Description

Of base metal clad with precious metal : Parts

India’s Trade Performance — HSN Sub-Chapter 7114 in FY 2024-25

TradeStat EIDB — Ministry of Commerce & Industry FY 2018-19–FY 2024-25 Values in ₹ Crore

India’s Exports

FY 2024-25

₹158 Cr

−13.96% vs FY 2023-24

0.0043% of India’s total exports

India’s Imports

FY 2024-25

₹83 Cr

+100.39% vs FY 2023-24

0.0014% of India’s total imports

Trade Balance

FY 2024-25

₹75 Cr

Trade Surplus

Surplus rank #407 of 1233 subchapters

% of Chapter 71

FY 2024-25

0.06%

Share of Chapter 71’s total exports in FY 2024-25

Import side: 0.01% of Chapter 71’s imports

Rank Within Chapter 71

FY 2024-25

#12 of 18

Position by export value among subchapters in Chapter 71

Import-side rank: #14 of 18

At a glance

−5.54%

Export CAGR

FY 2018-19 → FY 2024-25 · 7 fiscal years

#752

National Export Rank

of 1233 subchapters by export value, FY 2024-25

+75.61%

Peak Growth Year

FY 2021-22 · strongest single-year move

0.06%

Contribution to Ch. 71

Share of Chapter 71 exports in FY 2024-25

India Export-Import Trade Statistics for HSN Sub-Chapter 7114

7-year export and import data, FY 2018-19 to FY 2024-25, in ₹ Crore. Source: Ministry of Commerce & Industry, TradeStat EIDB.

FY 2018-19 Exp. Rank #592

Balance

+77.88

Exports

222.19 ₹ Cr

0.0097% share

— YoY

0.08% of Ch. 71

Imports

144.31 ₹ Cr

0.0040% share

— YoY

0.03% of Ch. 71

FY 2019-20 Exp. Rank #668

Balance

+56.74

Exports

133.26 ₹ Cr

0.0060% share

−40.02% YoY

0.05% of Ch. 71

Imports

76.52 ₹ Cr

0.0023% share

−46.98% YoY

0.02% of Ch. 71

FY 2020-21 Exp. Rank #780

Balance

+56.05

Exports

73.79 ₹ Cr

0.0034% share

−44.63% YoY

0.04% of Ch. 71

Imports

17.74 ₹ Cr

0.0006% share

−76.82% YoY

0.00% of Ch. 71

FY 2021-22 Exp. Rank #739

Balance

+104.29

Exports

129.58 ₹ Cr

0.0041% share

+75.61% YoY

0.04% of Ch. 71

Imports

25.29 ₹ Cr

0.0006% share

+42.56% YoY

0.00% of Ch. 71

FY 2022-23 Exp. Rank #730

Balance

−357.98

Exports

157.30 ₹ Cr

0.0043% share

+21.39% YoY

0.05% of Ch. 71

Imports

515.28 ₹ Cr

0.0090% share

+1,937.49% YoY

0.09% of Ch. 71

FY 2023-24 Exp. Rank #710

Balance

+142.09

Exports

183.40 ₹ Cr

0.0051% share

+16.59% YoY

0.07% of Ch. 71

Imports

41.31 ₹ Cr

0.0007% share

−91.98% YoY

0.01% of Ch. 71

FY 2024-25 Exp. Rank #752

Balance

+75.01

Exports

157.79 ₹ Cr

0.0043% share

−13.96% YoY

0.06% of Ch. 71

Imports

82.78 ₹ Cr

0.0014% share

+100.39% YoY

0.01% of Ch. 71

CAGR · 7-Year

Exports

−5.54% /yr

Imports

−8.85% /yr

Consistently Surplus
Chapter 71 total

reference, FY 2024-25

Export

₹2,53,600.88 Cr

Import

₹7,52,091.61 Cr

Trade Balance

−4,98,490.73

Peak export growth year Latest available data Not available YoY = change vs previous FY

Key Trade Insights: HSN Sub-Chapter 7114 Export-Import Analysis

Export Decline: −5.54% CAGR Over 7 Years

India's exports under HSN Sub-Chapter 7114 have declined at a compound annual rate of −5.54% over 7 fiscal years, falling from ₹222.19 Crore in FY 2018-19 to ₹157.79 Crore in FY 2024-25.

HSN Sub-Chapter 7114 Ranked #752 Among All 1233 Subchapters by Export Value

In FY 2024-25, HSN Sub-Chapter 7114 ranks #752 out of 1233 subchapters by total export value. Within Chapter 71, it ranks #12 of 18. By trade surplus, it ranks #407 of 1233.

FY 2021-22 Was the Strongest Growth Year for HSN Sub-Chapter 7114 Exports

The strongest single-year export movement for HSN Sub-Chapter 7114 was recorded in FY 2021-22, when exports surged by 75.61% over the prior year.

India Maintains a Trade Surplus of ₹75.01 Crore in HSN Sub-Chapter 7114 Goods

In FY 2024-25, India's exports of ₹157.79 Cr exceeded imports of ₹82.78 Cr, resulting in a trade surplus of ₹75.01 Crore — ranking #407 of 1233 by surplus magnitude.

Import Growth of −8.85% CAGR Signals Stable Import Dependency for Precious metal articles & wares

India's imports under HSN Sub-Chapter 7114 have grown at −8.85% CAGR, reaching ₹82.78 Crore in FY 2024-25.

HSN Sub-Chapter 7114 Contributes 0.06% of Chapter 71 Exports — Ranked #12

Among the 18 subchapters under Chapter 71, HSN Sub-Chapter 7114 ranks #12 by export value — accounting for 0.06% of the chapter's total exports in FY 2024-25. On the import side, it holds 0.01% share (rank #14).

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Frequently Asked Questions

Clear answers to common queries about HSN Sub Chapter 7114 and GST compliance.

What products are classified under HSN 7114

It includes Precious metal articles & wares

Any import/export nuance for Precious metal articles & wares?

Exports are zero‑rated (with or without payment of IGST) subject to LUT/refund conditions. Imports may attract customs duties in addition to GST. Keep HSN‑wise description consistent across invoice, shipping bill and BOE.

Can I claim ITC on inputs and services used for Precious metal articles & wares?

If your outward supply of Precious metal articles & wares is taxable, ITC is generally available (Sections 16–17) except blocked credits (e.g., personal use, motor vehicles in most cases). For exempt supplies, proportionate reversal is required under Rule 42/43.

Can reverse charge ever apply to transactions involving Precious metal articles & wares?

Reverse charge in goods is notified only for specific categories. Most regular B2B sales of Precious metal articles & wares are forward charge. Check the current notifications for any special cases before deciding.

Does packaging or branding change how GST applies to Precious metal articles & wares?

Yes. Many food/agri goods are treated differently when sold as pre‑packaged & labelled retail packs versus loose/open packs. If Precious metal articles & wares is sold in small pouches (e.g., 500 g) with an MRP and label, record that on the invoice. Loose bulk bags often follow a different treatment.

If I repair and return Precious metal articles & wares, how should I charge GST?

Repair/service is a service supply (SAC). Parts and materials used are goods and may be billed separately with HSN. Mention both lines clearly to avoid mixing service and goods values.

Important Disclaimer

The above does not constitute professional advice or a formal recommendation. We recommend consulting a professional tax consultant before acting on the information contained in this piece of content.

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