0703 HSN Code: Refined olive oil

HSN Sub Chapter 0703 represents Refined olive oil under GST classification. This code helps businesses identify Refined olive oil correctly for billing, taxation, and trade purposes. With HSN Sub Chapter 0703, companies can avoid errors in invoices, simplify compliance, and enable hassle-free import/export of Refined olive oil.

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New GST Rate for HSN Code 0703

GST Rate for Refined olive oil under HSN Code 0703. Understand current tax rates, exemptions, and legal classifications to ensure accurate billing and GST filing.

Chapter No

07

HSN Code

0703

HSN Description

Onions, shallots, garlic, leeks and other alliaceous vegetables, fresh or chilled

New GST Rate

0 %
Exempted

Old GST Rate

0 %

Tariff HSN Codes under HSN Sub Chapter 0703

Following tariff HSN codes fall under Refined olive oil.

Tariff HSN

07031010

Description

Onions, shallots, garlic, leeks and otheralliaceous vegetables, fresh or chilled onions and shallots onions

Tariff HSN

07031011

Description

Onions and shallots: Rose Onions

Tariff HSN

07031019

Description

Onions and shallots: Other

Tariff HSN

07031020

Description

Onions and shallots: Shallots

Tariff HSN

07031090

Description

Other

Tariff HSN

07032000

Description

Garlic

Tariff HSN

07039000

Description

Leeks and other alliaceous vegetables

India’s Trade Performance — HSN Sub-Chapter 0703 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

₹4,060 Cr

−6.63% vs FY 2023-24

0.1096% of India’s total exports

India’s Imports

FY 2024-25

₹208 Cr

−40.11% vs FY 2023-24

0.0034% of India’s total imports

Trade Balance

FY 2024-25

₹3,852 Cr

Trade Surplus

Surplus rank #89 of 1233 subchapters

% of Chapter 07

FY 2024-25

21.89%

Share of Chapter 07’s total exports in FY 2024-25

Import side: 0.44% of Chapter 07’s imports

Rank Within Chapter 07

FY 2024-25

#2 of 14

Position by export value among subchapters in Chapter 07

Import-side rank: #2 of 14

At a glance

2.21%

Export CAGR

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

#156

National Export Rank

of 1233 subchapters by export value, FY 2024-25

+33.11%

Peak Growth Year

FY 2022-23 · strongest single-year move

21.89%

Contribution to Ch. 07

Share of Chapter 07 exports in FY 2024-25

India Export-Import Trade Statistics for HSN Sub-Chapter 0703

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 #126

Balance

+3,551.56

Exports

3,560.19 ₹ Cr

0.1551% share

— YoY

39.17% of Ch. 07

Imports

8.63 ₹ Cr

0.0002% share

— YoY

0.10% of Ch. 07

FY 2019-20 Exp. Rank #161

Balance

+1,812.72

Exports

2,388.59 ₹ Cr

0.1081% share

−32.91% YoY

30.77% of Ch. 07

Imports

575.87 ₹ Cr

0.0172% share

+6,572.89% YoY

5.15% of Ch. 07

FY 2020-21 Exp. Rank #143

Balance

+2,678.68

Exports

2,924.10 ₹ Cr

0.1359% share

+22.42% YoY

30.14% of Ch. 07

Imports

245.42 ₹ Cr

0.0084% share

−57.38% YoY

1.97% of Ch. 07

FY 2021-22 Exp. Rank #150

Balance

+3,448.77

Exports

3,561.93 ₹ Cr

0.1135% share

+21.81% YoY

32.13% of Ch. 07

Imports

113.16 ₹ Cr

0.0025% share

−53.89% YoY

0.65% of Ch. 07

FY 2022-23 Exp. Rank #133

Balance

+4,718.33

Exports

4,741.30 ₹ Cr

0.1309% share

+33.11% YoY

30.76% of Ch. 07

Imports

22.97 ₹ Cr

0.0004% share

−79.70% YoY

0.14% of Ch. 07

FY 2023-24 Exp. Rank #146

Balance

+4,000.76

Exports

4,348.43 ₹ Cr

0.1202% share

−8.29% YoY

27.06% of Ch. 07

Imports

347.67 ₹ Cr

0.0062% share

+1,413.58% YoY

1.09% of Ch. 07

FY 2024-25 Exp. Rank #156

Balance

+3,851.76

Exports

4,059.97 ₹ Cr

0.1096% share

−6.63% YoY

21.89% of Ch. 07

Imports

208.21 ₹ Cr

0.0034% share

−40.11% YoY

0.44% of Ch. 07

CAGR · 7-Year

Exports

2.21% /yr

Imports

69.99% /yr

Consistently Surplus
Chapter 07 total

reference, FY 2024-25

Export

₹18,550.75 Cr

Import

₹47,372.66 Cr

Trade Balance

−28,821.91

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

Key Trade Insights: HSN Sub-Chapter 0703 Export-Import Analysis

Consistent Export Growth: 2.21% CAGR Over 7 Years

India's exports under HSN Sub-Chapter 0703 have grown at a compound annual rate of 2.21% over 7 fiscal years, rising from ₹3,560.19 Crore in FY 2018-19 to ₹4,059.97 Crore in FY 2024-25.

HSN Sub-Chapter 0703 Ranked #156 Among All 1233 Subchapters by Export Value

In FY 2024-25, HSN Sub-Chapter 0703 ranks #156 out of 1233 subchapters by total export value. Within Chapter 07, it ranks #2 of 14. By trade surplus, it ranks #89 of 1233.

FY 2022-23 Was the Strongest Growth Year for HSN Sub-Chapter 0703 Exports

The strongest single-year export movement for HSN Sub-Chapter 0703 was recorded in FY 2022-23, when exports surged by 33.11% over the prior year.

India Maintains a Trade Surplus of ₹3,851.76 Crore in HSN Sub-Chapter 0703 Goods

In FY 2024-25, India's exports of ₹4,059.97 Cr exceeded imports of ₹208.21 Cr, resulting in a trade surplus of ₹3,851.76 Crore — ranking #89 of 1233 by surplus magnitude.

Import Growth of 69.99% CAGR Signals Rising Demand for Refined olive oil

India's imports under HSN Sub-Chapter 0703 have grown at 69.99% CAGR, reaching ₹208.21 Crore in FY 2024-25.

HSN Sub-Chapter 0703 Contributes 21.89% of Chapter 07 Exports — Ranked #2

Among the 14 subchapters under Chapter 07, HSN Sub-Chapter 0703 ranks #2 by export value — accounting for 21.89% of the chapter's total exports in FY 2024-25. On the import side, it holds 0.44% share (rank #2).

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Frequently Asked Questions

Clear answers to common queries about HSN Sub Chapter 0703 and GST compliance.

What products are classified under HSN 0703

It includes Refined olive oil

Does MRP, weight or pack size change GST treatment for Refined olive oil?

Some entries use MRP/weight‑based conditions for classification. Keep pack size, retail marking and brand status on records and invoice to support the chosen HSN.

How should I document Refined olive oil sent for job work?

Use a delivery challan for sending Refined olive oil to the job worker. Declare movement in your records and reconcile when the goods return. If the job worker raises a service invoice, classify it under SAC; your goods remain under the original HSN.

What are the e‑way bill and e‑invoice points while moving Refined olive oil?

Generate an e‑way bill when the consignment value exceeds ₹50,000, unless exempted for the transaction. E‑invoicing depends on turnover (AATO threshold as notified) for B2B supplies, not on the item itself.

What should my invoice and records include for Refined olive oil?

Include HSN, exact description, pack size/grade, quantity, and if pre‑packaged & labelled. Maintain purchase specs, test reports (where relevant), and job‑work challans for audit trail.

Can reverse charge ever apply to transactions involving Refined olive oil?

Reverse charge in goods is notified only for specific categories. Most regular B2B sales of Refined olive oil are forward charge. Check the current notifications for any special cases before deciding.

Any special steps when selling Refined olive oil through an e‑commerce platform?

Ensure registration requirements are met and reconcile the operator’s TCS statements with your GSTR‑2B/3B. Map SKU descriptions to HSN to reduce mismatches and returns.

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.

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