GST for Precious Metals, Precious Pearls and Precious Stones

Rate of GST on Precious stones, precious metals and precious pearls


GST exemption items list, click here

 

Precious Metals, Precious Pearls and Precious Stones falls under HSN code chapter 71 of GST commodity tariff schedule.  The details about GST rate changes for sale of Precious Metals, Precious Pearls and Precious GST rates for Edible Meat offalStones are being updated here.  The notification changes on exemptions for GST for sale of Precious Metals, Precious Pearls and Precious Stones and other circulars related to GST for Metals, Precious Pearls and Precious Stones are updated in this website.

 

Update on 4thJUNE, 2017: GST rates for goods

 

1. All goods of Chapter 71 [other than rough diamond (7102)] will attract 3%.

 

                                                                 

Reduced GST Rates on 11th June 2017

                                                                                                Earlier rate               new rate

71             Rough precious and semi-precious stones               3%                        0.25%


Reduced GST Rates on 9th September 2017

                                                                                               Present GST rate        Reduced GST rate

                7102                       Rough industrial diamonds including       3%          0.25%

                                                unsorted rough diamonds

 

Revised GST Rates on 18th January, 2018

                                                                            Present rate           new rate

7102       Diamonds and precious stones              3%                       0.25%



Reduced GST rates on 11 June 2017, click here for details

 

7101 Pearls, natural or cultured, whether or not worked or graded but not strung, mounted or set; Pearls, natural or cultured, temporarily strung for convenience of transport.

7102 Diamonds, whether or not worked, but not mounted or set [other than rough diamonds].

7103 Precious stones (other than diamonds) and semi-precious stones, whether or not worked or graded but not strung, mounted or set; ungraded precious stones (other than diamonds) and semi-precious stones, temporarily strung for convenience transport.

7104 Synthetic or reconstructed precious or semi-precious stones, whether or not worked or graded but not strung, mounted or set; Ungraded synthetic or reconstructed precious stones, temporarily strung for convenience of transport.

7105 Dust and powder of natural or synthetic precious or semi - precious stones.

7106 Silver (including silver plated with gold or platinum), unwrought or in semi - manufactured forms, or in powder form.

7107 Base metals clad with silver, not further worked than semi – manufactured.

7108 Gold (including gold plated with platinum) unwrought or in semi - manufactured forms, or in powder form.

 

7109 Base metals or silver, clad with gold, not further worked than semi – manufactured.

7110 Platinum, unwrought or in semi - manufactured form, or in powder form.

7111 Base metals, silver or gold, clad with platinum, not further worked than semi-manufactured.

7112    Waste and scrap of precious metals, of metal clad with precious metal.

7113 Articles of jewellery and parts thereof, of precious metal or of metal clad with precious metal.

 

Revised GST Rates on 10th November, 2017

                                                                           Present rate        new rate

7113       Bangles of lac / shellac                             3%                  Nil


Revised GST Rates on 21st July, 2018

                                                                      new rate

7113 11 10           Silver filigree work                   3 %

 

7114 Articles of goldsmiths' or silversmiths' wares and parts thereof, of precious metal or of metal clad with precious metal.

7115 Other articles of precious metal or of metal clad with precious metal.

7116 Articles of natural or cultured pearls, precious or semi-precious stones (natural, synthetic or re-constructed).

7117 Imitation jewellery.

 

Revised GST Rates on 21st July, 2018

                                                                      new rate

7117          Handmade imitation jewellery              3 %

                 (including natural seeds, beads jewelry, cardamom garland) 

              

 7118 Coins. 

 2.  Rough diamond [7102] will attract 0.25%.

 

 

Reduced GST rates on 11 June 2017, click here for details

 

Goods and Service Tax (GST) rate tariff in India is designed in 6 categories of goods and services.  Four main GST rate slabs framed with Essential goods and services, Standard goods and services and luxury goods and services with 5%, 12%, 18% and 28% respectively.  Commonly used Goods and Services at 5%, Standard Goods and Services fall under 1st slab at 12%, Standard Goods and Services fall under 2nd Slab at 18% and Special category of Goods and Services including luxury - 28%.   The most essential goods and services attract nil rate of GST under Exempted Categories.     Luxury goods and services and certain specific goods and services   attract additional cess than 28% GST.

 

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GST for Precious Metals, Precious Pearls and Precious Stones

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The above information about GST rate on commodities under HSN code mentioned above commonly clarifies on questions explained under:

Amount of GST tax on Diamonds

What is the GST rate on platinum metals?

How much GST on semi-precious stones?

GST tariff on Pearls

Indian GST charges on Palladium metals

GST duty on Rhodium metals

GST tax on Iridium metals

Goods and Service Tax rate on osmium

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Tax of GST on semiprecious Stones


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