HSN Code 23040090: Oilcake From Soybean Extraction

HSN Code 23040090 represents Oilcake From Soybean Extraction under GST classification. This code helps businesses identify Oilcake From Soybean Extraction correctly for billing, taxation, and trade. With HSN Code 23040090, companies can avoid errors in invoices, simplify compliance, and enable hassle-free import or export of Oilcake From Soybean Extraction.

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Description of Goods for HSN Code 23040090

HSN Code 23040090 relates to the following description.

Description of Goods

Oil-cake and other solid residues whether or not ground or in the form of pellets, resulting from the extraction of soyabean oil : Other (aquatic feed including shrimp feed and prawn feed, poultry feed & cattle feed, including grass, hay & straw, supplement & husk of pulses, concentrates & additives, wheat bran & de-oiled cake)

Chapter

23 - Residues and waste from the food industries; prepared animal fodder

Sub Chapter

2304 - Oil-cake and other solid residues whether or not ground or in the form of pellets, resulting from the extraction of soyabean oil

CGST

2.5%

SGST

2.5%

IGST

5%

CESS

0%

What does HSN Code 23040090 not include?

Oilcake From Soybean Extraction does not include products with the following descriptions.

HSN Code 23040010

Oil-cake and other solid residues whether or not ground or in the form of pellets, resulting from the extraction of soyabean oil : Oil-cake and oil-cake meal of soyabean, expeller variety (aquatic feed including shrimp feed and prawn feed, poultry feed & cattle feed, including grass, hay & straw, supplement & husk of pulses, concentrates & additives, wheat bran & de-oiled cake)

HSN Code 23040020

Oil-cake and other solid residues whether or not ground or in the form of pellets, resulting from the extraction of soyabean oil : Oil-cake of soyabean, solvent extracted (defatted) variety (aquatic feed including shrimp feed and prawn feed, poultry feed & cattle feed, including grass, hay & straw, supplement & husk of pulses, concentrates & additives, wheat bran & de-oiled cake)

HSN Code 23040030

Oil-cake and other solid residues whether or not ground or in the form of pellets, resulting from the extraction of soyabean oil : Meal of soyabean, solvent extracted (defatted) (aquatic feed including shrimp feed and prawn feed, poultry feed & cattle feed, including grass, hay & straw, supplement & husk of pulses, concentrates & additives, wheat bran & de-oiled cake)

India’s Trade Performance — HSN Code 23040090 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

₹527 Cr

−51.33% vs FY 2023-24

0.0143% of India’s total exports

India’s Imports

FY 2024-25

₹11 Cr

+168.33% vs FY 2023-24

0.0002% of India’s total imports

Trade Balance

FY 2024-25

₹516 Cr

Trade Surplus

Surplus rank #617 of 12657 HSN codes

% of Sub-Chapter 2304

FY 2024-25

7.31%

Share of Sub-Chapter 2304’s total exports in FY 2024-25

Import side: 16.96% of Sub-Chapter 2304’s imports

Rank Within Sub-Chapter 2304

FY 2024-25

#2 of 4

Position by export value among HSN codes in Sub-Chapter 2304

Import-side rank: #2 of 4

At a glance

−9.07%

Export CAGR

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

#972

National Export Rank

of 12657 HSN codes by export value, FY 2024-25

+151.57%

Peak Growth Year

FY 2020-21 · strongest single-year move

7.31%

Contribution to Sub-Ch. 2304

Share of Sub-Chapter 2304 exports in FY 2024-25

India Export-Import Trade Statistics for HSN Code 23040090

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 #358

Balance

+929.72

Exports

932.10 ₹ Cr

0.0408% share

— YoY

11.99% of Sub-Ch. 2304

Imports

2.38 ₹ Cr

0.0001% share

— YoY

2.07% of Sub-Ch. 2304

FY 2019-20 Exp. Rank #715

Balance

+444.57

Exports

447.07 ₹ Cr

0.0203% share

−52.04% YoY

13.34% of Sub-Ch. 2304

Imports

2.50 ₹ Cr

0.0001% share

+5.04% YoY

37.82% of Sub-Ch. 2304

FY 2020-21 Exp. Rank #304

Balance

+1,117.59

Exports

1,124.69 ₹ Cr

0.0523% share

+151.57% YoY

13.47% of Sub-Ch. 2304

Imports

7.10 ₹ Cr

0.0002% share

+184.00% YoY

7.35% of Sub-Ch. 2304

FY 2021-22 Exp. Rank #745

Balance

+569.13

Exports

585.36 ₹ Cr

0.0187% share

−47.95% YoY

14.20% of Sub-Ch. 2304

Imports

16.23 ₹ Cr

0.0004% share

+128.59% YoY

0.55% of Sub-Ch. 2304

FY 2022-23 Exp. Rank #404

Balance

+1,228.55

Exports

1,232.93 ₹ Cr

0.0341% share

+110.63% YoY

17.72% of Sub-Ch. 2304

Imports

4.38 ₹ Cr

0.0001% share

−73.01% YoY

0.47% of Sub-Ch. 2304

FY 2023-24 Exp. Rank #477

Balance

+1,078.35

Exports

1,082.36 ₹ Cr

0.0299% share

−12.21% YoY

12.60% of Sub-Ch. 2304

Imports

4.01 ₹ Cr

0.0001% share

−8.45% YoY

2.34% of Sub-Ch. 2304

FY 2024-25 Exp. Rank #972

Balance

+516.02

Exports

526.78 ₹ Cr

0.0143% share

−51.33% YoY

7.31% of Sub-Ch. 2304

Imports

10.76 ₹ Cr

0.0002% share

+168.33% YoY

16.96% of Sub-Ch. 2304

CAGR · 7-Year

Exports

−9.07% /yr

Imports

28.59% /yr

Consistently Surplus
Sub-Chapter 2304 total

reference, FY 2024-25

Export

₹7,210.00 Cr

Import

₹63.45 Cr

Trade Balance

+7,146.55

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

Key Trade Insights: HSN Code 23040090 Export-Import Analysis

Export Decline: −9.07% CAGR Over 7 Years

India's exports under HSN Code 23040090 have declined at a compound annual rate of −9.07% over 7 fiscal years, falling from ₹932.10 Crore in FY 2018-19 to ₹526.78 Crore in FY 2024-25.

HSN Code 23040090 Ranked #972 Among All 12657 HSN codes by Export Value

In FY 2024-25, HSN Code 23040090 ranks #972 out of 12657 HSN codes by total export value. Within Sub-Chapter 2304, it ranks #2 of 4. By trade surplus, it ranks #617 of 12657.

FY 2020-21 Was the Strongest Growth Year for HSN Code 23040090 Exports

The strongest single-year export movement for HSN Code 23040090 was recorded in FY 2020-21, when exports surged by 151.57% over the prior year.

India Maintains a Trade Surplus of ₹516.02 Crore in HSN Code 23040090 Goods

In FY 2024-25, India's exports of ₹526.78 Cr exceeded imports of ₹10.76 Cr, resulting in a trade surplus of ₹516.02 Crore — ranking #617 of 12657 by surplus magnitude.

Import Growth of 28.59% CAGR Signals Rising Demand for Oilcake From Soybean Extraction

India's imports under HSN Code 23040090 have grown at 28.59% CAGR, reaching ₹10.76 Crore in FY 2024-25.

HSN Code 23040090 Contributes 7.31% of Sub-Chapter 2304 Exports — Ranked #2

Among the 4 HSN codes under Sub-Chapter 2304, HSN Code 23040090 ranks #2 by export value — accounting for 7.31% of the sub-chapter's total exports in FY 2024-25. On the import side, it holds 16.96% share (rank #2).

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Frequently Asked Questions

Clear answers to common queries about HSN Code 23040090 and GST compliance.

What products are classified under HSN 23040090 ?

It includes Oilcake From Soybean Extraction

How much GST applies to Oilcake From Soybean Extraction?

Under HSN 23040090, Oilcake From Soybean Extraction attracts Varies when sold in taxable form. Describe the form and packaging clearly on the invoice.

Any common misclassification issue with Oilcake From Soybean Extraction?

Use the exact HSN and the correct form (fresh/chilled vs. frozen/dried; PPL vs. not). Apply the rate per line to avoid wrong tax collection.

Does packaging or labelling change the GST for Oilcake From Soybean Extraction?

For many agri/food items, GST applies at 5% when they are not fresh/chilled and are sold as pre‑packaged & labelled. Loose or fresh/chilled forms may be Nil.

How should mixed supplies be billed when Oilcake From Soybean Extraction is sold with other items?

Use separate invoice lines per HSN and apply the correct rate per line (e.g., Varies for Oilcake From Soybean Extraction; Nil for exempt items if applicable).

Do e‑way bill and e‑invoice apply for Oilcake From Soybean Extraction?

Generate an e‑way bill if the consignment value exceeds ₹50,000 (subject to exemptions). e‑Invoicing is turnover‑based (presently AATO > ₹5 crore) for B2B supplies.

Can we claim ITC on inputs used to trade Oilcake From Soybean Extraction?

If your outward supply is taxable (5%/12% etc.), eligible ITC is available subject to general restrictions. For exempt/Nil supplies, reverse credit per Rule 42.

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.