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HSN Code 32089041: Insulating Varnish

HSN Code 32089041 represents Insulating Varnish under GST classification. This code helps businesses identify Insulating Varnish correctly for billing, taxation, and trade. With HSN Code 32089041, companies can avoid errors in invoices, simplify compliance, and enable hassle-free import or export of Insulating Varnish.

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Description of Goods for HSN Code 32089041

HSN Code 32089041 relates to the following description.

Description of Goods

Other : Varnishes : Insulating varnish

Chapter

32 - Tanning or dyeing extracts; tannins and their derivatives; dyes, pigments and other colouring matter;paints and varnishes; putty and other mastics; inks

Sub Chapter

3208 - Paints and varnishes (including enamels and lacquers) based on synthetic polymers or chemically modified natural polymers,dispersed or dissolved in a non-aqueous medium; solutions as defined in note 4 to this chapter

CGST

9%

SGST

9%

IGST

18%

CESS

0%

What does HSN Code 32089041 not include?

Insulating Varnish does not include products with the following descriptions.

HSN Code 32089011

Other : Based on cellulose nitrate or other cellulose derivatives : Nitrocellulose lacquers

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India’s Trade Performance — HSN Code 32089041 in FY 2025-26

TradeStat EIDB — Ministry of Commerce & Industry FY 2018-19–FY 2025-26 Values in ₹ Crore

India’s Exports

FY 2025-26

₹22 Cr

+32.91% vs FY 2024-25

0.0006% of India’s total exports

India’s Imports

FY 2025-26

₹45 Cr

−4.65% vs FY 2024-25

0.0007% of India’s total imports

Trade Balance

FY 2025-26

−₹23 Cr

Trade Deficit

Surplus rank #9714 of 12872 HSN codes

% of Sub-Chapter 3208

FY 2025-26

2.37%

Share of Sub-Chapter 3208’s total exports in FY 2025-26

Import side: 1.64% of Sub-Chapter 3208’s imports

Rank Within Sub-Chapter 3208

FY 2025-26

#8 of 18

Position by export value among HSN codes in Sub-Chapter 3208

Import-side rank: #7 of 18

At a glance

12.85%

Export CAGR

FY 2018-19 → FY 2025-26 · 8 fiscal years

#4915

National Export Rank

of 12872 HSN codes by export value, FY 2025-26

+71.65%

Peak Growth Year

FY 2022-23 · strongest single-year move

2.37%

Contribution to Sub-Ch. 3208

Share of Sub-Chapter 3208 exports in FY 2025-26

India Export-Import Trade Statistics for HSN Code 32089041

8-year export and import data, FY 2018-19 to FY 2025-26, in ₹ Crore. Source: Ministry of Commerce & Industry, TradeStat EIDB.

FY 2018-19 Exp. Rank #5036

Balance

−12.21

Exports

9.53 ₹ Cr

0.0004% share

— YoY

2.26% of Sub-Ch. 3208

Imports

21.74 ₹ Cr

0.0006% share

— YoY

1.41% of Sub-Ch. 3208

FY 2019-20 Exp. Rank #4778

Balance

−11.99

Exports

11.86 ₹ Cr

0.0005% share

+24.45% YoY

2.73% of Sub-Ch. 3208

Imports

23.85 ₹ Cr

0.0007% share

+9.71% YoY

1.55% of Sub-Ch. 3208

FY 2020-21 Exp. Rank #5434

Balance

−15.40

Exports

7.49 ₹ Cr

0.0003% share

−36.85% YoY

1.64% of Sub-Ch. 3208

Imports

22.89 ₹ Cr

0.0008% share

−4.03% YoY

1.55% of Sub-Ch. 3208

FY 2021-22 Exp. Rank #5543

Balance

−24.81

Exports

9.56 ₹ Cr

0.0003% share

+27.64% YoY

1.68% of Sub-Ch. 3208

Imports

34.37 ₹ Cr

0.0008% share

+50.15% YoY

1.88% of Sub-Ch. 3208

FY 2022-23 Exp. Rank #4944

Balance

−18.74

Exports

16.41 ₹ Cr

0.0005% share

+71.65% YoY

2.50% of Sub-Ch. 3208

Imports

35.15 ₹ Cr

0.0006% share

+2.27% YoY

1.56% of Sub-Ch. 3208

FY 2023-24 Exp. Rank #5024

Balance

−15.69

Exports

16.62 ₹ Cr

0.0005% share

+1.28% YoY

2.13% of Sub-Ch. 3208

Imports

32.31 ₹ Cr

0.0006% share

−8.08% YoY

1.40% of Sub-Ch. 3208

FY 2024-25 Exp. Rank #5116

Balance

−31.00

Exports

16.71 ₹ Cr

0.0005% share

+0.54% YoY

1.99% of Sub-Ch. 3208

Imports

47.71 ₹ Cr

0.0008% share

+47.66% YoY

1.89% of Sub-Ch. 3208

FY 2025-26 Exp. Rank #4915

Balance

−23.28

Exports

22.21 ₹ Cr

0.0006% share

+32.91% YoY

2.37% of Sub-Ch. 3208

Imports

45.49 ₹ Cr

0.0007% share

−4.65% YoY

1.64% of Sub-Ch. 3208

CAGR · 8-Year

Exports

12.85% /yr

Imports

11.12% /yr

Consistently Deficit
Sub-Chapter 3208 total

reference, FY 2025-26

Export

₹937.15 Cr

Import

₹2,776.14 Cr

Trade Balance

−1,838.99

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

Key Trade Insights: HSN Code 32089041 Export-Import Analysis

Consistent Export Growth: 12.85% CAGR Over 8 Years

India's exports under HSN Code 32089041 have grown at a compound annual rate of 12.85% over 8 fiscal years, rising from ₹9.53 Crore in FY 2018-19 to ₹22.21 Crore in FY 2025-26.

HSN Code 32089041 Ranked #4915 Among All 12872 HSN codes by Export Value

In FY 2025-26, HSN Code 32089041 ranks #4915 out of 12872 HSN codes by total export value. Within Sub-Chapter 3208, it ranks #8 of 18. By trade surplus, it ranks #9714 of 12872.

FY 2022-23 Was the Strongest Growth Year for HSN Code 32089041 Exports

The strongest single-year export movement for HSN Code 32089041 was recorded in FY 2022-23, when exports surged by 71.65% over the prior year.

India Records a Trade Deficit of ₹23.28 Crore in HSN Code 32089041 Goods

In FY 2025-26, India's imports of ₹45.49 Cr exceeded exports of ₹22.21 Cr, resulting in a trade deficit of ₹23.28 Crore — ranking #9714 of 12872 by surplus magnitude.

Import Growth of 11.12% CAGR Signals Rising Demand for Insulating Varnish

India's imports under HSN Code 32089041 have grown at 11.12% CAGR, reaching ₹45.49 Crore in FY 2025-26.

HSN Code 32089041 Contributes 2.37% of Sub-Chapter 3208 Exports — Ranked #8

Among the 18 HSN codes under Sub-Chapter 3208, HSN Code 32089041 ranks #8 by export value — accounting for 2.37% of the sub-chapter's total exports in FY 2025-26. On the import side, it holds 1.64% share (rank #7).

Frequently Asked Questions

Clear answers to common queries about HSN Code 32089041 and GST compliance.

What products are classified under HSN 32089041 ?

It includes Insulating Varnish

Any common misclassification issue with Other / Varnishes?

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 Other / Varnishes?

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

Do e‑way bill and e‑invoice apply for Other / Varnishes?

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.

Does packaging or labelling change the GST for Other / Varnishes?

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.

How much GST applies to Other / Varnishes?

Under HSN 32089041, Other / Varnishes attracts Varies when sold in taxable form. Describe the exact form on the invoice.

How should mixed supplies be billed when Other / Varnishes is sold with other items?

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

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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.