HSN Code 72042990: Waste and scrap of alloy steel

HSN Code 72042990 represents Waste and scrap of alloy steel under GST classification. This code helps businesses identify Waste and scrap of alloy steel correctly for billing, taxation, and trade. With HSN Code 72042990, companies can avoid errors in invoices, simplify compliance, and enable hassle-free import or export of Waste and scrap of alloy steel.

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Description of Goods for HSN Code 72042990

HSN Code 72042990 relates to the following description.

Description of Goods

Waste and scrap of alloy steel : Other : 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 72042990 not include?

Waste and scrap of alloy steel 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 72042990 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

₹11 Cr

+122.94% vs FY 2023-24

0.0003% of India’s total exports

India’s Imports

FY 2024-25

₹934 Cr

−22.82% vs FY 2023-24

0.0154% of India’s total imports

Trade Balance

FY 2024-25

−₹922 Cr

Trade Deficit

Surplus rank #12187 of 12657 HSN codes

% of Sub-Chapter 7204

FY 2024-25

9.30%

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

Import side: 2.16% of Sub-Chapter 7204’s imports

Rank Within Sub-Chapter 7204

FY 2024-25

#4 of 10

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

Import-side rank: #3 of 10

At a glance

17.01%

Export CAGR

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

#5651

National Export Rank

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

+456.61%

Peak Growth Year

FY 2022-23 · strongest single-year move

9.30%

Contribution to Sub-Ch. 7204

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

India Export-Import Trade Statistics for HSN Code 72042990

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 #6014

Balance

−371.78

Exports

4.43 ₹ Cr

0.0002% share

— YoY

6.83% of Sub-Ch. 7204

Imports

376.21 ₹ Cr

0.0105% share

— YoY

1.47% of Sub-Ch. 7204

FY 2019-20 Exp. Rank #6962

Balance

−462.41

Exports

1.94 ₹ Cr

0.0001% share

−56.21% YoY

2.82% of Sub-Ch. 7204

Imports

464.35 ₹ Cr

0.0139% share

+23.43% YoY

1.92% of Sub-Ch. 7204

FY 2020-21 Exp. Rank #6797

Balance

−456.93

Exports

2.35 ₹ Cr

0.0001% share

+21.13% YoY

3.62% of Sub-Ch. 7204

Imports

459.28 ₹ Cr

0.0158% share

−1.09% YoY

2.15% of Sub-Ch. 7204

FY 2021-22 Exp. Rank #6312

Balance

−507.77

Exports

5.14 ₹ Cr

0.0002% share

+118.72% YoY

5.46% of Sub-Ch. 7204

Imports

512.91 ₹ Cr

0.0112% share

+11.68% YoY

1.59% of Sub-Ch. 7204

FY 2022-23 Exp. Rank #4233

Balance

−802.11

Exports

28.61 ₹ Cr

0.0008% share

+456.61% YoY

18.48% of Sub-Ch. 7204

Imports

830.72 ₹ Cr

0.0144% share

+61.96% YoY

1.53% of Sub-Ch. 7204

FY 2023-24 Exp. Rank #6559

Balance

−1,204.65

Exports

5.10 ₹ Cr

0.0001% share

−82.17% YoY

4.58% of Sub-Ch. 7204

Imports

1,209.75 ₹ Cr

0.0215% share

+45.63% YoY

2.32% of Sub-Ch. 7204

FY 2024-25 Exp. Rank #5651

Balance

−922.32

Exports

11.37 ₹ Cr

0.0003% share

+122.94% YoY

9.30% of Sub-Ch. 7204

Imports

933.69 ₹ Cr

0.0154% share

−22.82% YoY

2.16% of Sub-Ch. 7204

CAGR · 7-Year

Exports

17.01% /yr

Imports

16.36% /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 72042990 Export-Import Analysis

Consistent Export Growth: 17.01% CAGR Over 7 Years

India's exports under HSN Code 72042990 have grown at a compound annual rate of 17.01% over 7 fiscal years, rising from ₹4.43 Crore in FY 2018-19 to ₹11.37 Crore in FY 2024-25.

HSN Code 72042990 Ranked #5651 Among All 12657 HSN codes by Export Value

In FY 2024-25, HSN Code 72042990 ranks #5651 out of 12657 HSN codes by total export value. Within Sub-Chapter 7204, it ranks #4 of 10. By trade surplus, it ranks #12187 of 12657.

FY 2022-23 Was the Strongest Growth Year for HSN Code 72042990 Exports

The strongest single-year export movement for HSN Code 72042990 was recorded in FY 2022-23, when exports surged by 456.61% over the prior year.

India Records a Trade Deficit of ₹922.32 Crore in HSN Code 72042990 Goods

In FY 2024-25, India's imports of ₹933.69 Cr exceeded exports of ₹11.37 Cr, resulting in a trade deficit of ₹922.32 Crore — ranking #12187 of 12657 by surplus magnitude.

Import Growth of 16.36% CAGR Signals Rising Demand for Waste and scrap of alloy steel

India's imports under HSN Code 72042990 have grown at 16.36% CAGR, reaching ₹933.69 Crore in FY 2024-25.

HSN Code 72042990 Contributes 9.30% of Sub-Chapter 7204 Exports — Ranked #4

Among the 10 HSN codes under Sub-Chapter 7204, HSN Code 72042990 ranks #4 by export value — accounting for 9.30% of the sub-chapter's total exports in FY 2024-25. On the import side, it holds 2.16% share (rank #3).

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Frequently Asked Questions

Clear answers to common queries about HSN Code 72042990 and GST compliance.

What products are classified under HSN 72042990 ?

It includes Other waste and scrap

Do e‑way bill and e‑invoice apply for Waste and scrap of alloy steel?

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 Waste and scrap of alloy steel?

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 Waste and scrap of alloy steel?

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

How much GST applies to Waste and scrap of alloy steel?

Under HSN 72042990, Waste and scrap of alloy steel attracts Varies when sold in taxable form. Describe the exact form on the invoice.

How should mixed supplies be billed when Waste and scrap of alloy steel is sold with other items?

Use separate invoice lines per HSN and apply the correct rate per line (e.g., Varies for Waste and scrap of alloy steel; 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.