HSN Code 72031000 represents Ferrous Products from Direct Reduction of Iron Ore under GST classification. This code helps businesses identify Ferrous Products from Direct Reduction of Iron Ore correctly for billing, taxation, and trade. With HSN Code 72031000, companies can avoid errors in invoices, simplify compliance, and enable hassle-free import or export of Ferrous Products from Direct Reduction of Iron Ore.
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HSN Code 72031000 relates to the following description.
Iron and steel
Ferrous products obtained by direct reduction of iron ore and other spongy ferrous products, in lumps, pellets or similar forms; iron having minimum purity by weight of 99.94%, in lumps, pellets or similar forms
Ferrous products obtained by direct reduction of iron ore
9%
9%
18%
0%
Description of Goods
Ferrous products obtained by direct reduction of iron ore
Chapter
72 - Iron and steel
Sub Chapter
7203 - Ferrous products obtained by direct reduction of iron ore and other spongy ferrous products, in lumps, pellets or similar forms; iron having minimum purity by weight of 99.94%, in lumps, pellets or similar forms
CGST
9%
SGST
9%
IGST
18%
CESS
0%
Ferrous Products from Direct Reduction of Iron Ore does not include products with the following descriptions.
Other
Other
India’s Exports
FY 2024-25₹4,063 Cr
0.1104% of India’s total exports
India’s Imports
FY 2024-25₹1,503 Cr
0.0247% of India’s total imports
Trade Balance
FY 2024-25₹2,559 Cr
Surplus rank #142 of 12657 HSN codes
% of Sub-Chapter 7203
FY 2024-2599.64%
Share of Sub-Chapter 7203’s total exports in FY 2024-25
Import side: 99.92% of Sub-Chapter 7203’s imports
Rank Within Sub-Chapter 7203
FY 2024-25#1 of 2
Position by export value among HSN codes in Sub-Chapter 7203
Import-side rank: #1 of 2
At a glance
17.65%
Export CAGR
FY 2018-19 → FY 2024-25 · 7 fiscal years
#125
National Export Rank
of 12657 HSN codes by export value, FY 2024-25
+125.54%
Peak Growth Year
FY 2021-22 · strongest single-year move
99.64%
Contribution to Sub-Ch. 7203
Share of Sub-Chapter 7203 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
+1,435.63
Exports
1,531.80 ₹ Cr
0.0670% share
— YoY
97.41% of Sub-Ch. 7203
Imports
96.17 ₹ Cr
0.0027% share
— YoY
96.15% of Sub-Ch. 7203
Balance
+1,590.63
Exports
1,701.12 ₹ Cr
0.0773% share
+11.05% YoY
98.41% of Sub-Ch. 7203
Imports
110.49 ₹ Cr
0.0033% share
+14.89% YoY
87.46% of Sub-Ch. 7203
Balance
+989.23
Exports
1,113.58 ₹ Cr
0.0518% share
−34.54% YoY
99.00% of Sub-Ch. 7203
Imports
124.35 ₹ Cr
0.0043% share
+12.54% YoY
94.55% of Sub-Ch. 7203
Balance
+2,405.84
Exports
2,511.52 ₹ Cr
0.0800% share
+125.54% YoY
99.44% of Sub-Ch. 7203
Imports
105.68 ₹ Cr
0.0023% share
−15.01% YoY
97.10% of Sub-Ch. 7203
Balance
+2,810.91
Exports
3,783.17 ₹ Cr
0.1045% share
+50.63% YoY
99.53% of Sub-Ch. 7203
Imports
972.26 ₹ Cr
0.0169% share
+820.00% YoY
99.71% of Sub-Ch. 7203
Balance
+1,968.30
Exports
3,941.47 ₹ Cr
0.1089% share
+4.18% YoY
99.66% of Sub-Ch. 7203
Imports
1,973.17 ₹ Cr
0.0351% share
+102.95% YoY
99.90% of Sub-Ch. 7203
Balance
+2,559.43
Exports
4,062.81 ₹ Cr
0.1104% share
+3.08% YoY
99.64% of Sub-Ch. 7203
Imports
1,503.38 ₹ Cr
0.0247% share
−23.81% YoY
99.92% of Sub-Ch. 7203
CAGR · 7-Year
Exports
17.65% /yr
Imports
58.13% /yr
reference, FY 2024-25
Export
₹4,077.29 Cr
Import
₹1,504.51 Cr
Trade Balance
+2,572.78
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.
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.
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.
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.
India's imports under HSN Code 72031000 have grown at 58.13% CAGR, reaching ₹1,503.38 Crore in FY 2024-25.
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).
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 72031000 and GST compliance.
It includes Stainless Steel Waste & Scrap (Cartridge Type)
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.
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.
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.
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).