7116 HSN Code: Precious stone articles

HSN Sub Chapter 7116 represents Precious stone articles under GST classification. This code helps businesses identify Precious stone articles correctly for billing, taxation, and trade purposes. With HSN Sub Chapter 7116, companies can avoid errors in invoices, simplify compliance, and enable hassle-free import/export of Precious stone articles.

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New GST Rate for HSN Code 7116

GST Rate for Precious stone articles under HSN Code 7116. Understand current tax rates, exemptions, and legal classifications to ensure accurate billing and GST filing.

Chapter No

71

HSN Code

7116

HSN Description

Articles of natural or cultured pearls, precious or semi-precious stones(natural, synthetic or reconstructed)

New GST Rate

3 %
Essential

Old GST Rate

3 %

Tariff HSN Codes under HSN Sub Chapter 7116

Following tariff HSN codes fall under Precious stone articles.

Tariff HSN

71161000

Description

Of natural or cultured pearls

Tariff HSN

71162000

Description

Of precious or semi-precious stones (natural, synthetic or reconstructed)

India’s Trade Performance — HSN Sub-Chapter 7116 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

₹344 Cr

−9.57% vs FY 2023-24

0.0093% of India’s total exports

India’s Imports

FY 2024-25

₹158 Cr

+10.77% vs FY 2023-24

0.0026% of India’s total imports

Trade Balance

FY 2024-25

₹186 Cr

Trade Surplus

Surplus rank #338 of 1233 subchapters

% of Chapter 71

FY 2024-25

0.14%

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

Import side: 0.02% of Chapter 71’s imports

Rank Within Chapter 71

FY 2024-25

#10 of 18

Position by export value among subchapters in Chapter 71

Import-side rank: #13 of 18

At a glance

6.57%

Export CAGR

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

#601

National Export Rank

of 1233 subchapters by export value, FY 2024-25

+108.50%

Peak Growth Year

FY 2021-22 · strongest single-year move

0.14%

Contribution to Ch. 71

Share of Chapter 71 exports in FY 2024-25

India Export-Import Trade Statistics for HSN Sub-Chapter 7116

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 #582

Balance

+184.11

Exports

234.67 ₹ Cr

0.0102% share

— YoY

0.08% of Ch. 71

Imports

50.56 ₹ Cr

0.0014% share

— YoY

0.01% of Ch. 71

FY 2019-20 Exp. Rank #578

Balance

+169.67

Exports

220.25 ₹ Cr

0.0100% share

−6.14% YoY

0.09% of Ch. 71

Imports

50.58 ₹ Cr

0.0015% share

+0.04% YoY

0.01% of Ch. 71

FY 2020-21 Exp. Rank #651

Balance

+124.28

Exports

156.21 ₹ Cr

0.0073% share

−29.08% YoY

0.08% of Ch. 71

Imports

31.93 ₹ Cr

0.0011% share

−36.87% YoY

0.01% of Ch. 71

FY 2021-22 Exp. Rank #570

Balance

+286.33

Exports

325.70 ₹ Cr

0.0104% share

+108.50% YoY

0.11% of Ch. 71

Imports

39.37 ₹ Cr

0.0009% share

+23.30% YoY

0.01% of Ch. 71

FY 2022-23 Exp. Rank #588

Balance

+256.69

Exports

350.20 ₹ Cr

0.0097% share

+7.52% YoY

0.11% of Ch. 71

Imports

93.51 ₹ Cr

0.0016% share

+137.52% YoY

0.02% of Ch. 71

FY 2023-24 Exp. Rank #579

Balance

+237.66

Exports

380.24 ₹ Cr

0.0105% share

+8.58% YoY

0.14% of Ch. 71

Imports

142.58 ₹ Cr

0.0025% share

+52.48% YoY

0.02% of Ch. 71

FY 2024-25 Exp. Rank #601

Balance

+185.90

Exports

343.84 ₹ Cr

0.0093% share

−9.57% YoY

0.14% of Ch. 71

Imports

157.94 ₹ Cr

0.0026% share

+10.77% YoY

0.02% of Ch. 71

CAGR · 7-Year

Exports

6.57% /yr

Imports

20.91% /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 7116 Export-Import Analysis

Consistent Export Growth: 6.57% CAGR Over 7 Years

India's exports under HSN Sub-Chapter 7116 have grown at a compound annual rate of 6.57% over 7 fiscal years, rising from ₹234.67 Crore in FY 2018-19 to ₹343.84 Crore in FY 2024-25.

HSN Sub-Chapter 7116 Ranked #601 Among All 1233 Subchapters by Export Value

In FY 2024-25, HSN Sub-Chapter 7116 ranks #601 out of 1233 subchapters by total export value. Within Chapter 71, it ranks #10 of 18. By trade surplus, it ranks #338 of 1233.

FY 2021-22 Was the Strongest Growth Year for HSN Sub-Chapter 7116 Exports

The strongest single-year export movement for HSN Sub-Chapter 7116 was recorded in FY 2021-22, when exports surged by 108.50% over the prior year.

India Maintains a Trade Surplus of ₹185.90 Crore in HSN Sub-Chapter 7116 Goods

In FY 2024-25, India's exports of ₹343.84 Cr exceeded imports of ₹157.94 Cr, resulting in a trade surplus of ₹185.90 Crore — ranking #338 of 1233 by surplus magnitude.

Import Growth of 20.91% CAGR Signals Rising Demand for Precious stone articles

India's imports under HSN Sub-Chapter 7116 have grown at 20.91% CAGR, reaching ₹157.94 Crore in FY 2024-25.

HSN Sub-Chapter 7116 Contributes 0.14% of Chapter 71 Exports — Ranked #10

Among the 18 subchapters under Chapter 71, HSN Sub-Chapter 7116 ranks #10 by export value — accounting for 0.14% of the chapter's total exports in FY 2024-25. On the import side, it holds 0.02% share (rank #13).

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Frequently Asked Questions

Clear answers to common queries about HSN Sub Chapter 7116 and GST compliance.

What products are classified under HSN 7116

It includes Precious stone articles

Any import/export nuance for Precious stone articles?

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.

How do I bill a kit or combo that includes Precious stone articles?

Prefer separate lines per item with its HSN so each component follows its own tax treatment. If it is a naturally bundled supply, identify the principal supply and tax the whole bundle accordingly.

How are warranty replacements of Precious stone articles handled?

If replacement is without consideration under a pre‑agreed warranty, issue a delivery challan and reference the original invoice/contract. If consideration is charged, raise a tax invoice. Keep serial/lot details for traceability.

Does MRP, weight or pack size change GST treatment for Precious stone articles?

Some entries use MRP/weight‑based conditions for classification. Keep pack size, retail marking and brand status on records and invoice to support the chosen HSN.

What should my invoice and records include for Precious stone articles?

Include HSN, exact description, pack size/grade, quantity, and if pre‑packaged & labelled. Maintain purchase specs, test reports (where relevant), and job‑work challans for audit trail.

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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