--- title: "HSN Code for Ferrous Products from Direct Reduction of Iron Ore | HSN 72031000 GST Rate" description: "Find HSN and GST Rates for 72031000 related to Ferrous Products from Direct Reduction of Iron Ore with BUSY Accounting - The reliable source for HSN and GST details in India." canonical: "https://busy.in/hsn/hsn-72031000/" --- # HSN Code 72031000: Ferrous Products from Direct Reduction of Iron Ore - [Section 15: Guide to HSN Section 15](https://busy.in/hsn/section-15/) - [Chapter 72: Iron & Steel](https://busy.in/hsn/chapter-72/) - [Sub-chapter 7203: Ferrous products, iron 99.94% purity](https://busy.in/hsn/sub-chapter-7203/) ## GST rates | Description | CGST | SGST | IGST | CESS | | --- | --- | --- | --- | --- | | Ferrous products obtained by direct reduction of iron ore | 9% | 9% | 18% | 0% | ## Frequently asked questions ### What products are classified under HSN 72031000 ? It includes Stainless Steel Waste & Scrap (Cartridge Type) ### Does packaging or labelling change the GST for Ferrous Products from Direct Reduction of Iron Ore? 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. ### Any common misclassification issue with Ferrous Products from Direct Reduction of Iron Ore? Use the exact HSN and describe the form/grade. For multi‑line invoices, apply the rate per line to avoid wrong tax collection. ### Do e‑way bill and e‑invoice apply for Ferrous Products from Direct Reduction of Iron Ore? 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 Ferrous Products from Direct Reduction of Iron Ore? Under HSN 72031000, Ferrous Products from Direct Reduction of Iron Ore attracts Varies when sold in taxable form. Describe the exact form on the invoice. ### How should mixed supplies be billed when Ferrous Products from Direct Reduction of Iron Ore is sold with other items? Use separate invoice lines per HSN and apply the correct rate per line (e.g., Varies for Ferrous Products from Direct Reduction of Iron Ore; Nil for exempt items if applicable). ## India's trade performance: HSN Code 72031000 (FY 2024-25) Source: TradeStat EIDB, Ministry of Commerce & Industry. Values in ₹ Crore (FY 2018-19 to FY 2024-25). - Exports: ₹4,063 Cr (+3.08% YoY) — 0.1104% of India's total exports - Imports: ₹1,503 Cr (−23.81% YoY) — 0.0247% of India's total imports - Trade balance: ₹2,559 Cr (Surplus); surplus rank #142 of 12657 HSN codes - Share of Sub-Chapter 7203: 99.64% of its exports; import side 99.92% - Rank within Sub-Chapter 7203: #1 of 2 by export value; import-side #1 ### Key metrics - Export CAGR: 17.65% (FY 2018-19 to FY 2024-25, 7 fiscal years) - National export rank: #125 of 12657 HSN codes by export value (FY 2024-25) - Peak growth year: +125.54% in FY 2021-22 - Contribution to Sub-Ch. 7203: 99.64% of its exports (FY 2024-25) ## India export-import trade statistics: HSN Code 72031000 7-year export and import data, FY 2018-19 to FY 2024-25, in ₹ Crore. Source: Ministry of Commerce & Industry, TradeStat EIDB. | FY | Exports (₹ Cr) | Exp share | Exp YoY | Exp % of Sub-Ch. 7203 | Imports (₹ Cr) | Imp share | Imp YoY | Imp % of Sub-Ch. 7203 | Trade balance | Exp rank | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | FY 2018-19 | 1,531.80 | 0.0670% | — | 97.41% | 96.17 | 0.0027% | — | 96.15% | +1,435.63 | #210 | | FY 2019-20 | 1,701.12 | 0.0773% | +11.05% | 98.41% | 110.49 | 0.0033% | +14.89% | 87.46% | +1,590.63 | #188 | | FY 2020-21 | 1,113.58 | 0.0518% | −34.54% | 99.00% | 124.35 | 0.0043% | +12.54% | 94.55% | +989.23 | #313 | | FY 2021-22 | 2,511.52 | 0.0800% | +125.54% | 99.44% | 105.68 | 0.0023% | −15.01% | 97.10% | +2,405.84 | #185 | | FY 2022-23 | 3,783.17 | 0.1045% | +50.63% | 99.53% | 972.26 | 0.0169% | +820.00% | 99.71% | +2,810.91 | #126 | | FY 2023-24 | 3,941.47 | 0.1089% | +4.18% | 99.66% | 1,973.17 | 0.0351% | +102.95% | 99.90% | +1,968.30 | #124 | | FY 2024-25 | 4,062.81 | 0.1104% | +3.08% | 99.64% | 1,503.38 | 0.0247% | −23.81% | 99.92% | +2,559.43 | #125 | - CAGR (7-year): exports 17.65%/yr, imports 58.13%/yr (consistently Surplus) ## Key trade insights: HSN Code 72031000 export-import analysis ### Consistent export growth: 17.65% CAGR over 7 years India's exports under HSN Code 72031000 have grown at a compound annual rate of 17.65% over 7 fiscal years, rising from ₹1,531.80 Crore in FY 2018-19 to ₹4,062.81 Crore in FY 2024-25. ### HSN Code 72031000 ranked #125 among all 12657 HSN codes by export value In FY 2024-25, HSN Code 72031000 ranks #125 out of 12657 HSN codes by total export value. Within Sub-Chapter 7203, it ranks #1 of 2. By trade surplus, it ranks #142 of 12657. ### FY 2021-22 was the strongest growth year for HSN Code 72031000 exports The strongest single-year export movement for HSN Code 72031000 was recorded in FY 2021-22, when exports surged by 125.54% over the prior year. ### India maintains a trade surplus of ₹2,559.43 Crore in HSN Code 72031000 goods In FY 2024-25, India's exports of ₹4,062.81 Cr exceeded imports of ₹1,503.38 Cr, resulting in a trade surplus of ₹2,559.43 Crore — ranking #142 of 12657 by surplus magnitude. ### Import growth of 58.13% CAGR signals rising demand for Ferrous Products from Direct Reduction of Iron Ore India's imports under HSN Code 72031000 have grown at 58.13% CAGR, reaching ₹1,503.38 Crore in FY 2024-25. ### HSN Code 72031000 contributes 99.64% of Sub-Chapter 7203 exports — ranked #1 Among the 2 HSN codes under Sub-Chapter 7203, HSN Code 72031000 ranks #1 by export value — accounting for 99.64% of the sub-chapter's total exports in FY 2024-25. On the import side, it holds 99.92% share (rank #1). ## Related HSN Codes in Sub-Chapter 7203 Ranked by export value (FY 2024-25). | Rank | HSN Code | Exports (FY 2024-25) | | --- | --- | --- | | #1 | HSN Code 72031000: Ferrous Products from Direct Reduction of Iron Ore (this hsn code) | ₹4,063 Cr | | #2 | [HSN Code 72039000: Other Ferrous Products from Iron Ore](https://busy.in/hsn/hsn-72039000/) | ₹14 Cr |