HSN Code 28342920 represents Magnesium Nitrate under GST classification. This code helps businesses identify Magnesium Nitrate correctly for billing, taxation, and trade. With HSN Code 28342920, companies can avoid errors in invoices, simplify compliance, and enable hassle-free import or export of Magnesium Nitrate.
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HSN Code 28342920 relates to the following description.
Description of Goods
SALTS AND PEROXYSALTS, OF INORGANIC ACIDS AND METALS : Nitrates : Other : Magnesium nitrate
Chapter
28 - Inorganic chemicals, organic or inorganic compounds of precious metals,of rare-earth metals, of radioactive elements or of isotopes
Sub Chapter
2834 - Nitrites; nitrates
CGST
9%
SGST
9%
IGST
18%
CESS
0%
Magnesium Nitrate does not include products with the following descriptions.
SALTS AND PEROXYSALTS, OF INORGANIC ACIDS AND METALS : Nitrites : Sodium nitrite
SALTS AND PEROXYSALTS, OF INORGANIC ACIDS AND METALS : Nitrites : Other
SALTS AND PEROXYSALTS, OF INORGANIC ACIDS AND METALS : Nitrates : Of potassium
SALTS AND PEROXYSALTS, OF INORGANIC ACIDS AND METALS : Nitrates : Other : Strontium nitrate
SALTS AND PEROXYSALTS, OF INORGANIC ACIDS AND METALS : Nitrates : Other : Barium nitrate
SALTS AND PEROXYSALTS, OF INORGANIC ACIDS AND METALS : Nitrates : Other : Other
SALTS AND PEROXYSALTS, OF INORGANIC ACIDS AND METALS : Nitrites : Sodium nitrite
SALTS AND PEROXYSALTS, OF INORGANIC ACIDS AND METALS : Nitrites : Other
SALTS AND PEROXYSALTS, OF INORGANIC ACIDS AND METALS : Nitrates : Of potassium
SALTS AND PEROXYSALTS, OF INORGANIC ACIDS AND METALS : Nitrates : Other : Strontium nitrate
SALTS AND PEROXYSALTS, OF INORGANIC ACIDS AND METALS : Nitrates : Other : Barium nitrate
SALTS AND PEROXYSALTS, OF INORGANIC ACIDS AND METALS : Nitrates : Other : Other
India’s Exports
FY 2024-25< ₹1 Crore
0.0000% of India’s total exports
India’s Imports
FY 2024-25₹4 Cr
0.0001% of India’s total imports
Trade Balance
FY 2024-25−₹4 Cr
Surplus rank #8497 of 12657 HSN codes
% of Sub-Chapter 2834
FY 2024-250.16%
Share of Sub-Chapter 2834’s total exports in FY 2024-25
Import side: 3.36% of Sub-Chapter 2834’s imports
Rank Within Sub-Chapter 2834
FY 2024-25#7 of 7
Position by export value among HSN codes in Sub-Chapter 2834
Import-side rank: #5 of 7
At a glance
11.29%
Export CAGR
FY 2018-19 → FY 2024-25 · 7 fiscal years
#9046
National Export Rank
of 12657 HSN codes by export value, FY 2024-25
+153.33%
Peak Growth Year
FY 2024-25 · strongest single-year move
0.16%
Contribution to Sub-Ch. 2834
Share of Sub-Chapter 2834 exports in FY 2024-25
7-year export and import data, FY 2018-19 to FY 2024-25, in ₹ Crore. Source: Ministry of Commerce & Industry, TradeStat EIDB.
Balance
−1.20
Exports
< ₹1 Crore ₹ Cr
0.0000% share
— YoY
0.18% of Sub-Ch. 2834
Imports
1.40 ₹ Cr
0.0000% share
— YoY
1.39% of Sub-Ch. 2834
Balance
−1.50
Exports
< ₹1 Crore ₹ Cr
0.0000% share
−30.00% YoY
0.12% of Sub-Ch. 2834
Imports
1.64 ₹ Cr
0.0000% share
+17.14% YoY
1.79% of Sub-Ch. 2834
Balance
−0.73
Exports
< ₹1 Crore ₹ Cr
0.0000% share
+92.86% YoY
0.24% of Sub-Ch. 2834
Imports
1.00 ₹ Cr
0.0000% share
−39.02% YoY
1.65% of Sub-Ch. 2834
Balance
−2.39
Exports
< ₹1 Crore ₹ Cr
0.0000% share
−7.41% YoY
0.16% of Sub-Ch. 2834
Imports
2.64 ₹ Cr
0.0001% share
+164.00% YoY
2.59% of Sub-Ch. 2834
Balance
−4.99
Exports
< ₹1 Crore ₹ Cr
0.0000% share
+12.00% YoY
0.10% of Sub-Ch. 2834
Imports
5.27 ₹ Cr
0.0001% share
+99.62% YoY
2.68% of Sub-Ch. 2834
Balance
−1.31
Exports
< ₹1 Crore ₹ Cr
0.0000% share
−46.43% YoY
0.06% of Sub-Ch. 2834
Imports
1.46 ₹ Cr
0.0000% share
−72.30% YoY
1.35% of Sub-Ch. 2834
Balance
−4.01
Exports
< ₹1 Crore ₹ Cr
0.0000% share
+153.33% YoY
0.16% of Sub-Ch. 2834
Imports
4.39 ₹ Cr
0.0001% share
+200.68% YoY
3.36% of Sub-Ch. 2834
CAGR · 7-Year
Exports
11.29% /yr
Imports
20.98% /yr
reference, FY 2024-25
Export
₹237.21 Cr
Import
₹130.53 Cr
Trade Balance
+106.68
India's exports under HSN Code 28342920 have grown at a compound annual rate of 11.29% over 7 fiscal years, rising from ₹0.20 Crore in FY 2018-19 to ₹0.38 Crore in FY 2024-25.
In FY 2024-25, HSN Code 28342920 ranks #9046 out of 12657 HSN codes by total export value. Within Sub-Chapter 2834, it ranks #7 of 7. By trade surplus, it ranks #8497 of 12657.
The strongest single-year export movement for HSN Code 28342920 was recorded in FY 2024-25, when exports surged by 153.33% over the prior year.
In FY 2024-25, India's imports of ₹4.39 Cr exceeded exports of ₹0.38 Cr, resulting in a trade deficit of ₹4.01 Crore — ranking #8497 of 12657 by surplus magnitude.
India's imports under HSN Code 28342920 have grown at 20.98% CAGR, reaching ₹4.39 Crore in FY 2024-25.
Among the 7 HSN codes under Sub-Chapter 2834, HSN Code 28342920 ranks #7 by export value — accounting for 0.16% of the sub-chapter's total exports in FY 2024-25. On the import side, it holds 3.36% share (rank #5).
BUSY auto-applies the correct HSN codes & GST rates, ensuring 100% error-free billing every single time.
Clear answers to common queries about HSN Code 28342920 and GST compliance.
It includes Magnesium Nitrate
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.
Use the exact HSN and describe the form/grade. For multi‑line invoices, apply the rate per line to avoid wrong tax collection.
If your outward supply is taxable, eligible ITC is available subject to general restrictions. For exempt/Nil supplies, reverse credit per Rule 42.
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.
Use separate invoice lines per HSN and apply the correct rate per line (e.g., Varies for Magnesium Nitrate; Nil for exempt items if applicable).
Under HSN 28342920, Magnesium Nitrate attracts Varies when sold in taxable form. Describe the exact form on the invoice.