2304 HSN Code: Soybean oilcake

HSN Sub Chapter 2304 represents Soybean oilcake under GST classification. This code helps businesses identify Soybean oilcake correctly for billing, taxation, and trade purposes. With HSN Sub Chapter 2304, companies can avoid errors in invoices, simplify compliance, and enable hassle-free import/export of Soybean oilcake.

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New GST Rate for HSN Code 2304

GST Rate for Soybean oilcake under HSN Code 2304. Understand current tax rates, exemptions, and legal classifications to ensure accurate billing and GST filing.

Chapter No

23

HSN Code

2304

HSN Description

Oil-cake and other solid residues whether or not ground or in the form of pellets, resulting from the extraction of soyabean oil

New GST Rate

5 %
Essential

Old GST Rate

5 %

Tariff HSN Codes under HSN Sub Chapter 2304

Following tariff HSN codes fall under Soybean oilcake.

Tariff HSN

23040010

Description

Oil-cake and other solid residues whether or not ground or in the form of pellets, resulting from the extraction of soyabean oil : Oil-cake and oil-cake meal of soyabean, expeller variety (aquatic feed including shrimp feed and prawn feed, poultry feed & cattle feed, including grass, hay & straw, supplement & husk of pulses, concentrates & additives, wheat bran & de-oiled cake)

Tariff HSN

23040020

Description

Oil-cake and other solid residues whether or not ground or in the form of pellets, resulting from the extraction of soyabean oil : Oil-cake of soyabean, solvent extracted (defatted) variety (aquatic feed including shrimp feed and prawn feed, poultry feed & cattle feed, including grass, hay & straw, supplement & husk of pulses, concentrates & additives, wheat bran & de-oiled cake)

Tariff HSN

23040030

Description

Oil-cake and other solid residues whether or not ground or in the form of pellets, resulting from the extraction of soyabean oil : Meal of soyabean, solvent extracted (defatted) (aquatic feed including shrimp feed and prawn feed, poultry feed & cattle feed, including grass, hay & straw, supplement & husk of pulses, concentrates & additives, wheat bran & de-oiled cake)

Tariff HSN

23040090

Description

Oil-cake and other solid residues whether or not ground or in the form of pellets, resulting from the extraction of soyabean oil : Other (aquatic feed including shrimp feed and prawn feed, poultry feed & cattle feed, including grass, hay & straw, supplement & husk of pulses, concentrates & additives, wheat bran & de-oiled cake)

India’s Trade Performance — HSN Sub-Chapter 2304 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

₹7,210 Cr

−16.03% vs FY 2023-24

0.1947% of India’s total exports

India’s Imports

FY 2024-25

₹63 Cr

−63.03% vs FY 2023-24

0.0010% of India’s total imports

Trade Balance

FY 2024-25

₹7,147 Cr

Trade Surplus

Surplus rank #49 of 1233 subchapters

% of Chapter 23

FY 2024-25

38.49%

Share of Chapter 23’s total exports in FY 2024-25

Import side: 1.07% of Chapter 23’s imports

Rank Within Chapter 23

FY 2024-25

#1 of 9

Position by export value among subchapters in Chapter 23

Import-side rank: #5 of 9

At a glance

−1.25%

Export CAGR

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

#95

National Export Rank

of 1233 subchapters by export value, FY 2024-25

+149.22%

Peak Growth Year

FY 2020-21 · strongest single-year move

38.49%

Contribution to Ch. 23

Share of Chapter 23 exports in FY 2024-25

India Export-Import Trade Statistics for HSN Sub-Chapter 2304

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 #48

Balance

+7,658.88

Exports

7,773.85 ₹ Cr

0.3387% share

— YoY

57.96% of Ch. 23

Imports

114.97 ₹ Cr

0.0032% share

— YoY

2.57% of Ch. 23

FY 2019-20 Exp. Rank #124

Balance

+3,344.91

Exports

3,351.52 ₹ Cr

0.1517% share

−56.89% YoY

40.56% of Ch. 23

Imports

6.61 ₹ Cr

0.0002% share

−94.25% YoY

0.13% of Ch. 23

FY 2020-21 Exp. Rank #40

Balance

+8,256.06

Exports

8,352.69 ₹ Cr

0.3883% share

+149.22% YoY

56.02% of Ch. 23

Imports

96.63 ₹ Cr

0.0033% share

+1,361.88% YoY

1.94% of Ch. 23

FY 2021-22 Exp. Rank #141

Balance

+1,149.98

Exports

4,123.34 ₹ Cr

0.1314% share

−50.63% YoY

34.92% of Ch. 23

Imports

2,973.36 ₹ Cr

0.0651% share

+2,977.06% YoY

32.00% of Ch. 23

FY 2022-23 Exp. Rank #91

Balance

+6,030.28

Exports

6,957.06 ₹ Cr

0.1921% share

+68.72% YoY

34.37% of Ch. 23

Imports

926.78 ₹ Cr

0.0161% share

−68.83% YoY

14.63% of Ch. 23

FY 2023-24 Exp. Rank #73

Balance

+8,415.25

Exports

8,586.87 ₹ Cr

0.2373% share

+23.43% YoY

37.27% of Ch. 23

Imports

171.62 ₹ Cr

0.0031% share

−81.48% YoY

3.21% of Ch. 23

FY 2024-25 Exp. Rank #95

Balance

+7,146.55

Exports

7,210.00 ₹ Cr

0.1947% share

−16.03% YoY

38.49% of Ch. 23

Imports

63.45 ₹ Cr

0.0010% share

−63.03% YoY

1.07% of Ch. 23

CAGR · 7-Year

Exports

−1.25% /yr

Imports

−9.43% /yr

Consistently Surplus
Chapter 23 total

reference, FY 2024-25

Export

₹18,732.91 Cr

Import

₹5,915.30 Cr

Trade Balance

+12,817.61

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

Key Trade Insights: HSN Sub-Chapter 2304 Export-Import Analysis

Export Decline: −1.25% CAGR Over 7 Years

India's exports under HSN Sub-Chapter 2304 have declined at a compound annual rate of −1.25% over 7 fiscal years, falling from ₹7,773.85 Crore in FY 2018-19 to ₹7,210.00 Crore in FY 2024-25.

HSN Sub-Chapter 2304 Ranked #95 Among All 1233 Subchapters by Export Value

In FY 2024-25, HSN Sub-Chapter 2304 ranks #95 out of 1233 subchapters by total export value. Within Chapter 23, it ranks #1 of 9. By trade surplus, it ranks #49 of 1233.

FY 2020-21 Was the Strongest Growth Year for HSN Sub-Chapter 2304 Exports

The strongest single-year export movement for HSN Sub-Chapter 2304 was recorded in FY 2020-21, when exports surged by 149.22% over the prior year.

India Maintains a Trade Surplus of ₹7,146.55 Crore in HSN Sub-Chapter 2304 Goods

In FY 2024-25, India's exports of ₹7,210.00 Cr exceeded imports of ₹63.45 Cr, resulting in a trade surplus of ₹7,146.55 Crore — ranking #49 of 1233 by surplus magnitude.

Import Growth of −9.43% CAGR Signals Stable Import Dependency for Soybean oilcake

India's imports under HSN Sub-Chapter 2304 have grown at −9.43% CAGR, reaching ₹63.45 Crore in FY 2024-25.

HSN Sub-Chapter 2304 Contributes 38.49% of Chapter 23 Exports — Ranked #1

Among the 9 subchapters under Chapter 23, HSN Sub-Chapter 2304 ranks #1 by export value — accounting for 38.49% of the chapter's total exports in FY 2024-25. On the import side, it holds 1.07% share (rank #5).

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Frequently Asked Questions

Clear answers to common queries about HSN Sub Chapter 2304 and GST compliance.

What products are classified under HSN 2304

It includes Soybean oilcake

What misclassification mistakes happen with Soybean oilcake?

Using a broad or incorrect HSN, ignoring material/form (e.g., raw vs processed), or mixing goods and services on one line. Always match wording to the HSN Notes and keep a classification working paper.

Do spares or accessories of Soybean oilcake follow the same HSN?

Not always. Spares are often classified by their own description or by the function/part rule. Check if a specific sub‑heading exists for parts of the main item and describe the part on the invoice.

Is the composition scheme suitable if I mainly trade Soybean oilcake?

The composition scheme is optional for eligible small suppliers of goods. You cannot issue tax invoices or collect tax under composition. Check turnover limits and exclusions; evaluate margins and ITC loss before opting in.

How do I bill a kit or combo that includes Soybean oilcake?

Prefer separate lines per item with its HSN so each component follows its own tax treatment. If it is a naturally bundled supply, identify the principal supply and tax the whole bundle accordingly.

How should I document Soybean oilcake sent for job work?

Use a delivery challan for sending Soybean oilcake 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.

Can reverse charge ever apply to transactions involving Soybean oilcake?

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

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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