--- title: "HSN Code for Ingots And Other Primary Forms | HSN 72241000 GST Rate" description: "Find HSN and GST Rates for 72241000 related to Ingots And Other Primary Forms with BUSY Accounting - The reliable source for HSN and GST details in India." canonical: "https://busy.in/hsn/hsn-72241000/" --- # HSN Code 72241000: Ingots And Other Primary Forms - [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 7224: Other alloy steel products](https://busy.in/hsn/sub-chapter-7224/) ## GST rates | Description | CGST | SGST | IGST | CESS | | --- | --- | --- | --- | --- | | Ingots and other primary forms | 9% | 9% | 18% | 0% | ## Frequently asked questions ### What products are classified under HSN 72241000 ? It includes Cobalt bearing steel ### How much GST applies to Ingots And Other Primary Forms? Under HSN 72241000, Ingots And Other Primary Forms attracts Varies when sold in taxable form. Describe the exact form on the invoice. ### Do e‑way bill and e‑invoice apply for Ingots And Other Primary Forms? 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. ### Can we claim ITC on inputs used to trade Ingots And Other Primary Forms? If your outward supply is taxable, eligible ITC is available subject to general restrictions. For exempt/Nil supplies, reverse credit per Rule 42. ### Does packaging or labelling change the GST for Ingots And Other Primary Forms? 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 Ingots And Other Primary Forms? Use the exact HSN and describe the form/grade. For multi‑line invoices, apply the rate per line to avoid wrong tax collection. ## India's trade performance: HSN Code 72241000 (FY 2024-25) Source: TradeStat EIDB, Ministry of Commerce & Industry. Values in ₹ Crore (FY 2018-19 to FY 2024-25). - Exports: ₹59 Cr (+18.33% YoY) — 0.0016% of India's total exports - Imports: ₹55 Cr (−7.66% YoY) — 0.0009% of India's total imports - Trade balance: ₹4 Cr (Surplus); surplus rank #3836 of 12657 HSN codes - Share of Sub-Chapter 7224: 3.92% of its exports; import side 22.27% - Rank within Sub-Chapter 7224: #2 of 7 by export value; import-side #3 ### Key metrics - Export CAGR: -1.53% (FY 2018-19 to FY 2024-25, 7 fiscal years) - National export rank: #3396 of 12657 HSN codes by export value (FY 2024-25) - Peak growth year: +175.35% in FY 2021-22 - Contribution to Sub-Ch. 7224: 3.92% of its exports (FY 2024-25) ## India export-import trade statistics: HSN Code 72241000 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. 7224 | Imports (₹ Cr) | Imp share | Imp YoY | Imp % of Sub-Ch. 7224 | Trade balance | Exp rank | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | FY 2018-19 | 64.51 | 0.0028% | — | 26.01% | 32.37 | 0.0009% | — | 3.14% | +32.14 | #2533 | | FY 2019-20 | 27.68 | 0.0013% | −57.09% | 34.63% | 66.99 | 0.0020% | +106.95% | 13.01% | −39.31 | #3699 | | FY 2020-21 | 15.09 | 0.0007% | −45.48% | 5.62% | 68.85 | 0.0024% | +2.78% | 18.54% | −53.76 | #4570 | | FY 2021-22 | 41.55 | 0.0013% | +175.35% | 35.53% | 138.68 | 0.0030% | +101.42% | 50.26% | −97.13 | #3624 | | FY 2022-23 | 62.64 | 0.0017% | +50.76% | 24.75% | 77.36 | 0.0013% | −44.22% | 26.15% | −14.72 | #3174 | | FY 2023-24 | 49.69 | 0.0014% | −20.67% | 17.96% | 59.26 | 0.0011% | −23.40% | 17.78% | −9.57 | #3541 | | FY 2024-25 | 58.80 | 0.0016% | +18.33% | 3.92% | 54.72 | 0.0009% | −7.66% | 22.27% | +4.08 | #3396 | - CAGR (7-year): exports -1.53%/yr, imports 9.14%/yr (consistently Surplus) ## Key trade insights: HSN Code 72241000 export-import analysis ### Export decline: -1.53% CAGR over 7 years India's exports under HSN Code 72241000 have declined at a compound annual rate of -1.53% over 7 fiscal years, falling from ₹64.51 Crore in FY 2018-19 to ₹58.80 Crore in FY 2024-25. ### HSN Code 72241000 ranked #3396 among all 12657 HSN codes by export value In FY 2024-25, HSN Code 72241000 ranks #3396 out of 12657 HSN codes by total export value. Within Sub-Chapter 7224, it ranks #2 of 7. By trade surplus, it ranks #3836 of 12657. ### FY 2021-22 was the strongest growth year for HSN Code 72241000 exports The strongest single-year export movement for HSN Code 72241000 was recorded in FY 2021-22, when exports surged by 175.35% over the prior year. ### India maintains a trade surplus of ₹4.08 Crore in HSN Code 72241000 goods In FY 2024-25, India's exports of ₹58.80 Cr exceeded imports of ₹54.72 Cr, resulting in a trade surplus of ₹4.08 Crore — ranking #3836 of 12657 by surplus magnitude. ### Import growth of 9.14% CAGR signals stable import dependency for Ingots And Other Primary Forms India's imports under HSN Code 72241000 have grown at 9.14% CAGR, reaching ₹54.72 Crore in FY 2024-25. ### HSN Code 72241000 contributes 3.92% of Sub-Chapter 7224 exports — ranked #2 Among the 7 HSN codes under Sub-Chapter 7224, HSN Code 72241000 ranks #2 by export value — accounting for 3.92% of the sub-chapter's total exports in FY 2024-25. On the import side, it holds 22.27% share (rank #3). ## Related HSN Codes in Sub-Chapter 7224 Ranked by export value (FY 2024-25). | Rank | HSN Code | Exports (FY 2024-25) | | --- | --- | --- | | #1 | [HSN Code 72249099: Semi-finished products of other alloy steel \| Other](https://busy.in/hsn/hsn-72249099/) | ₹1,417 Cr | | #2 | HSN Code 72241000: Ingots And Other Primary Forms (this hsn code) | ₹59 Cr | | #3 | [HSN Code 72249091: Other \| Other \| Billets](https://busy.in/hsn/hsn-72249091/) | ₹12 Cr | | #4 | [HSN Code 72249040: Other \| Forged Blanks Of Alloy Steel](https://busy.in/hsn/hsn-72249040/) | ₹8 Cr | | #5 | [HSN Code 72249020: Other \| Of Die Steel Quality](https://busy.in/hsn/hsn-72249020/) | ₹3 Cr | | #6 | [HSN Code 72249030: Cobalt bearing steel](https://busy.in/hsn/hsn-72249030/) | < ₹1 Crore | | #7 | [HSN Code 72249010: Other \| Of Tool Steel Quality](https://busy.in/hsn/hsn-72249010/) | < ₹1 Crore |