HSN Code 72042190: Alloy steel waste and scrap

HSN Code 72042190 represents Alloy steel waste and scrap under GST classification. This code helps businesses identify Alloy steel waste and scrap correctly for billing, taxation, and trade. With HSN Code 72042190, companies can avoid errors in invoices, simplify compliance, and enable hassle-free import or export of Alloy steel waste and scrap.

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Description of Goods for HSN Code 72042190

HSN Code 72042190 relates to the following description.

Description of Goods

Waste and scrap of alloy steel : Of stainless steel : Other

Chapter

72 - Iron and steel

Sub Chapter

7204 - Ferrous waste and scrap; remelting scrap ingots of iron or steel

CGST

9%

SGST

9%

IGST

18%

CESS

0%

What does HSN Code 72042190 not include?

Alloy steel waste and scrap does not include products with the following descriptions.

HSN Code 72042110

Waste and scrap of alloy steel : Of stainless steel : Empty or discharged cartridges of all bores and sizes

HSN Code 72042910

Waste and scrap of alloy steel : Other : Empty or discharged cartridges of all bores and sizes

HSN Code 72044100

Other waste and scrap : Turnings, shavings, chips, milling waste, saw dust, fillings, trimmings and stampings, whether or not in bundles

India’s Trade Performance — HSN Code 72042190 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

₹54 Cr

−32.54% vs FY 2023-24

0.0015% of India’s total exports

India’s Imports

FY 2024-25

₹15,093 Cr

−6.17% vs FY 2023-24

0.2484% of India’s total imports

Trade Balance

FY 2024-25

−₹15,040 Cr

Trade Deficit

Surplus rank #12621 of 12657 HSN codes

% of Sub-Chapter 7204

FY 2024-25

44.00%

Share of Sub-Chapter 7204’s total exports in FY 2024-25

Import side: 34.84% of Sub-Chapter 7204’s imports

Rank Within Sub-Chapter 7204

FY 2024-25

#1 of 10

Position by export value among HSN codes in Sub-Chapter 7204

Import-side rank: #2 of 10

At a glance

4.03%

Export CAGR

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

#3521

National Export Rank

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

+145.51%

Peak Growth Year

FY 2021-22 · strongest single-year move

44.00%

Contribution to Sub-Ch. 7204

Share of Sub-Chapter 7204 exports in FY 2024-25

India Export-Import Trade Statistics for HSN Code 72042190

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 #3118

Balance

−10,550.22

Exports

42.43 ₹ Cr

0.0019% share

— YoY

65.43% of Sub-Ch. 7204

Imports

10,592.65 ₹ Cr

0.2955% share

— YoY

41.27% of Sub-Ch. 7204

FY 2019-20 Exp. Rank #3087

Balance

−11,200.82

Exports

43.64 ₹ Cr

0.0020% share

+2.85% YoY

63.40% of Sub-Ch. 7204

Imports

11,244.46 ₹ Cr

0.3359% share

+6.15% YoY

46.50% of Sub-Ch. 7204

FY 2020-21 Exp. Rank #3858

Balance

−10,674.63

Exports

25.93 ₹ Cr

0.0012% share

−40.58% YoY

39.94% of Sub-Ch. 7204

Imports

10,700.56 ₹ Cr

0.3672% share

−4.84% YoY

50.14% of Sub-Ch. 7204

FY 2021-22 Exp. Rank #3020

Balance

−18,919.83

Exports

63.66 ₹ Cr

0.0020% share

+145.51% YoY

67.64% of Sub-Ch. 7204

Imports

18,983.49 ₹ Cr

0.4153% share

+77.41% YoY

58.68% of Sub-Ch. 7204

FY 2022-23 Exp. Rank #2700

Balance

−18,584.20

Exports

89.03 ₹ Cr

0.0025% share

+39.85% YoY

57.52% of Sub-Ch. 7204

Imports

18,673.23 ₹ Cr

0.3248% share

−1.63% YoY

34.45% of Sub-Ch. 7204

FY 2023-24 Exp. Rank #2872

Balance

−16,006.04

Exports

79.74 ₹ Cr

0.0022% share

−10.43% YoY

71.68% of Sub-Ch. 7204

Imports

16,085.78 ₹ Cr

0.2864% share

−13.86% YoY

30.78% of Sub-Ch. 7204

FY 2024-25 Exp. Rank #3521

Balance

−15,039.69

Exports

53.79 ₹ Cr

0.0015% share

−32.54% YoY

44.00% of Sub-Ch. 7204

Imports

15,093.48 ₹ Cr

0.2484% share

−6.17% YoY

34.84% of Sub-Ch. 7204

CAGR · 7-Year

Exports

4.03% /yr

Imports

6.08% /yr

Consistently Deficit
Sub-Chapter 7204 total

reference, FY 2024-25

Export

₹122.25 Cr

Import

₹43,317.53 Cr

Trade Balance

−43,195.28

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

Key Trade Insights: HSN Code 72042190 Export-Import Analysis

Consistent Export Growth: 4.03% CAGR Over 7 Years

India's exports under HSN Code 72042190 have grown at a compound annual rate of 4.03% over 7 fiscal years, rising from ₹42.43 Crore in FY 2018-19 to ₹53.79 Crore in FY 2024-25.

HSN Code 72042190 Ranked #3521 Among All 12657 HSN codes by Export Value

In FY 2024-25, HSN Code 72042190 ranks #3521 out of 12657 HSN codes by total export value. Within Sub-Chapter 7204, it ranks #1 of 10. By trade surplus, it ranks #12621 of 12657.

FY 2021-22 Was the Strongest Growth Year for HSN Code 72042190 Exports

The strongest single-year export movement for HSN Code 72042190 was recorded in FY 2021-22, when exports surged by 145.51% over the prior year.

India Records a Trade Deficit of ₹15,039.69 Crore in HSN Code 72042190 Goods

In FY 2024-25, India's imports of ₹15,093.48 Cr exceeded exports of ₹53.79 Cr, resulting in a trade deficit of ₹15,039.69 Crore — ranking #12621 of 12657 by surplus magnitude.

Import Growth of 6.08% CAGR Signals Stable Import Dependency for Alloy steel waste and scrap

India's imports under HSN Code 72042190 have grown at 6.08% CAGR, reaching ₹15,093.48 Crore in FY 2024-25.

HSN Code 72042190 Contributes 44.00% of Sub-Chapter 7204 Exports — Ranked #1

Among the 10 HSN codes under Sub-Chapter 7204, HSN Code 72042190 ranks #1 by export value — accounting for 44.00% of the sub-chapter's total exports in FY 2024-25. On the import side, it holds 34.84% share (rank #2).

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Frequently Asked Questions

Clear answers to common queries about HSN Code 72042190 and GST compliance.

What products are classified under HSN 72042190 ?

It includes Waste and scrap of alloy steel

Does packaging or labelling change the GST for Alloy steel waste and scrap?

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 Alloy steel waste and scrap?

Under HSN 72042190, Alloy steel waste and scrap attracts Varies when sold in taxable form. Describe the exact form on the invoice.

Can we claim ITC on inputs used to trade Alloy steel waste and scrap?

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 Alloy steel waste and scrap is sold with other items?

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

Any common misclassification issue with Alloy steel waste and scrap?

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

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.