HSN Code 72241000: Ingots And Other Primary Forms
HSN Code 72241000 represents Ingots And Other Primary Forms under GST classification. This code helps businesses identify Ingots And Other Primary Forms correctly for billing, taxation, and trade. With HSN Code 72241000, companies can avoid errors in invoices, simplify compliance, and enable hassle-free import or export of Ingots And Other Primary Forms.
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Description of Goods for HSN Code 72241000
HSN Code 72241000 relates to the following description.
What does HSN Code 72241000 not include?
Ingots And Other Primary Forms does not include products with the following descriptions.
Other : Of tool steel quality
Other : Of die steel quality
Other : Of cobalt bearing high speed steel quality
Other : Forged blanks of alloy steel
Other : Other : Billets
Other : Other : Other
India’s Trade Performance — HSN Code 72241000 in FY 2024-25
India’s Exports
FY 2024-25₹59 Cr
0.0016% of India’s total exports
India’s Imports
FY 2024-25₹55 Cr
0.0009% of India’s total imports
Trade Balance
FY 2024-25₹4 Cr
Surplus rank #3836 of 12657 HSN codes
% of Sub-Chapter 7224
FY 2024-253.92%
Share of Sub-Chapter 7224’s total exports in FY 2024-25
Import side: 22.27% of Sub-Chapter 7224’s imports
Rank Within Sub-Chapter 7224
FY 2024-25#2 of 7
Position by export value among HSN codes in Sub-Chapter 7224
Import-side rank: #3 of 7
At a glance
−1.53%
Export CAGR
FY 2018-19 → FY 2024-25 · 7 fiscal years
#3396
National Export Rank
of 12657 HSN codes by export value, FY 2024-25
+175.35%
Peak Growth Year
FY 2021-22 · strongest single-year move
3.92%
Contribution to Sub-Ch. 7224
Share of Sub-Chapter 7224 exports in FY 2024-25
India Export-Import Trade Statistics for 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.
Balance
+32.14
Exports
64.51 ₹ Cr
0.0028% share
— YoY
26.01% of Sub-Ch. 7224
Imports
32.37 ₹ Cr
0.0009% share
— YoY
3.14% of Sub-Ch. 7224
Balance
−39.31
Exports
27.68 ₹ Cr
0.0013% share
−57.09% YoY
34.63% of Sub-Ch. 7224
Imports
66.99 ₹ Cr
0.0020% share
+106.95% YoY
13.01% of Sub-Ch. 7224
Balance
−53.76
Exports
15.09 ₹ Cr
0.0007% share
−45.48% YoY
5.62% of Sub-Ch. 7224
Imports
68.85 ₹ Cr
0.0024% share
+2.78% YoY
18.54% of Sub-Ch. 7224
Balance
−97.13
Exports
41.55 ₹ Cr
0.0013% share
+175.35% YoY
35.53% of Sub-Ch. 7224
Imports
138.68 ₹ Cr
0.0030% share
+101.42% YoY
50.26% of Sub-Ch. 7224
Balance
−14.72
Exports
62.64 ₹ Cr
0.0017% share
+50.76% YoY
24.75% of Sub-Ch. 7224
Imports
77.36 ₹ Cr
0.0013% share
−44.22% YoY
26.15% of Sub-Ch. 7224
Balance
−9.57
Exports
49.69 ₹ Cr
0.0014% share
−20.67% YoY
17.96% of Sub-Ch. 7224
Imports
59.26 ₹ Cr
0.0011% share
−23.40% YoY
17.78% of Sub-Ch. 7224
Balance
+4.08
Exports
58.80 ₹ Cr
0.0016% share
+18.33% YoY
3.92% of Sub-Ch. 7224
Imports
54.72 ₹ Cr
0.0009% share
−7.66% YoY
22.27% of Sub-Ch. 7224
CAGR · 7-Year
Exports
−1.53% /yr
Imports
9.14% /yr
reference, FY 2024-25
Export
₹1,500.26 Cr
Import
₹245.74 Cr
Trade Balance
+1,254.52
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).
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Frequently Asked Questions
Clear answers to common queries about HSN Code 72241000 and GST compliance.
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.