HSN Code 29023000: Toluene

HSN Code 29023000 represents Toluene under GST classification. This code helps businesses identify Toluene correctly for billing, taxation, and trade. With HSN Code 29023000, companies can avoid errors in invoices, simplify compliance, and enable hassle-free import or export of Toluene.

Live Demo Available Today

Experience the power of Expert Accounting

Join our guided walkthrough to see how BUSY can transform your business operations.

Trusted by 6,00,000+ Users
4.6 Google Rating
+91
expand_more

* No credit card required

Description of Goods for HSN Code 29023000

HSN Code 29023000 relates to the following description.

Description of Goods

Toluene

Chapter

29 - Organic chemicals

Sub Chapter

2902 - Cyclic hydrocarbons

CGST

9%

SGST

9%

IGST

18%

CESS

0%

What does HSN Code 29023000 not include?

Toluene does not include products with the following descriptions.

India’s Trade Performance — HSN Code 29023000 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

₹186 Cr

−30.73% vs FY 2023-24

0.0051% of India’s total exports

India’s Imports

FY 2024-25

₹4,669 Cr

−7.20% vs FY 2023-24

0.0769% of India’s total imports

Trade Balance

FY 2024-25

−₹4,483 Cr

Trade Deficit

Surplus rank #12546 of 12657 HSN codes

% of Sub-Chapter 2902

FY 2024-25

1.22%

Share of Sub-Chapter 2902’s total exports in FY 2024-25

Import side: 16.49% of Sub-Chapter 2902’s imports

Rank Within Sub-Chapter 2902

FY 2024-25

#5 of 20

Position by export value among HSN codes in Sub-Chapter 2902

Import-side rank: #3 of 20

At a glance

11.89%

Export CAGR

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

#1907

National Export Rank

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

+75.97%

Peak Growth Year

FY 2020-21 · strongest single-year move

1.22%

Contribution to Sub-Ch. 2902

Share of Sub-Chapter 2902 exports in FY 2024-25

India Export-Import Trade Statistics for HSN Code 29023000

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 #2083

Balance

−2,259.91

Exports

95.01 ₹ Cr

0.0042% share

— YoY

0.32% of Sub-Ch. 2902

Imports

2,354.92 ₹ Cr

0.0657% share

— YoY

11.68% of Sub-Ch. 2902

FY 2019-20 Exp. Rank #2733

Balance

−2,325.55

Exports

55.64 ₹ Cr

0.0025% share

−41.44% YoY

0.23% of Sub-Ch. 2902

Imports

2,381.19 ₹ Cr

0.0711% share

+1.12% YoY

15.44% of Sub-Ch. 2902

FY 2020-21 Exp. Rank #2093

Balance

−2,285.66

Exports

97.91 ₹ Cr

0.0046% share

+75.97% YoY

0.50% of Sub-Ch. 2902

Imports

2,383.57 ₹ Cr

0.0818% share

+0.10% YoY

21.25% of Sub-Ch. 2902

FY 2021-22 Exp. Rank #2033

Balance

−3,014.98

Exports

138.32 ₹ Cr

0.0044% share

+41.27% YoY

0.44% of Sub-Ch. 2902

Imports

3,153.30 ₹ Cr

0.0690% share

+32.29% YoY

18.12% of Sub-Ch. 2902

FY 2022-23 Exp. Rank #2035

Balance

−4,995.44

Exports

152.95 ₹ Cr

0.0042% share

+10.58% YoY

0.66% of Sub-Ch. 2902

Imports

5,148.39 ₹ Cr

0.0895% share

+63.27% YoY

21.81% of Sub-Ch. 2902

FY 2023-24 Exp. Rank #1481

Balance

−4,762.40

Exports

269.08 ₹ Cr

0.0074% share

+75.93% YoY

1.81% of Sub-Ch. 2902

Imports

5,031.48 ₹ Cr

0.0896% share

−2.27% YoY

20.76% of Sub-Ch. 2902

FY 2024-25 Exp. Rank #1907

Balance

−4,482.97

Exports

186.39 ₹ Cr

0.0051% share

−30.73% YoY

1.22% of Sub-Ch. 2902

Imports

4,669.36 ₹ Cr

0.0769% share

−7.20% YoY

16.49% of Sub-Ch. 2902

CAGR · 7-Year

Exports

11.89% /yr

Imports

12.08% /yr

Consistently Deficit
Sub-Chapter 2902 total

reference, FY 2024-25

Export

₹15,292.99 Cr

Import

₹28,314.70 Cr

Trade Balance

−13,021.71

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

Key Trade Insights: HSN Code 29023000 Export-Import Analysis

Consistent Export Growth: 11.89% CAGR Over 7 Years

India's exports under HSN Code 29023000 have grown at a compound annual rate of 11.89% over 7 fiscal years, rising from ₹95.01 Crore in FY 2018-19 to ₹186.39 Crore in FY 2024-25.

HSN Code 29023000 Ranked #1907 Among All 12657 HSN codes by Export Value

In FY 2024-25, HSN Code 29023000 ranks #1907 out of 12657 HSN codes by total export value. Within Sub-Chapter 2902, it ranks #5 of 20. By trade surplus, it ranks #12546 of 12657.

FY 2020-21 Was the Strongest Growth Year for HSN Code 29023000 Exports

The strongest single-year export movement for HSN Code 29023000 was recorded in FY 2020-21, when exports surged by 75.97% over the prior year.

India Records a Trade Deficit of ₹4,482.97 Crore in HSN Code 29023000 Goods

In FY 2024-25, India's imports of ₹4,669.36 Cr exceeded exports of ₹186.39 Cr, resulting in a trade deficit of ₹4,482.97 Crore — ranking #12546 of 12657 by surplus magnitude.

Import Growth of 12.08% CAGR Signals Rising Demand for Toluene

India's imports under HSN Code 29023000 have grown at 12.08% CAGR, reaching ₹4,669.36 Crore in FY 2024-25.

HSN Code 29023000 Contributes 1.22% of Sub-Chapter 2902 Exports — Ranked #5

Among the 20 HSN codes under Sub-Chapter 2902, HSN Code 29023000 ranks #5 by export value — accounting for 1.22% of the sub-chapter's total exports in FY 2024-25. On the import side, it holds 16.49% share (rank #3).

Stop worrying about HSN & TAX compliance

BUSY auto-applies the correct HSN codes & GST rates, ensuring 100% error-free billing every single time.

Automatic Updates
Error-free GSTR
6,00,000+ Happy Users
+91
expand_more

* No credit card required

Frequently Asked Questions

Clear answers to common queries about HSN Code 29023000 and GST compliance.

What products are classified under HSN 29023000 ?

It includes Toluene

Do e‑way bill and e‑invoice apply for Toluene?

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.

How much GST applies to Toluene?

Under HSN 29023000, Toluene attracts Varies when sold in taxable form. Describe the exact form on the invoice.

Any common misclassification issue with Toluene?

Use the exact HSN and describe the form/grade. For multi‑line invoices, apply the rate per line to avoid wrong tax collection.

Can we claim ITC on inputs used to trade Toluene?

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

How should mixed supplies be billed when Toluene is sold with other items?

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

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.