2703 HSN Code: Peat products

HSN Sub Chapter 2703 represents Peat products under GST classification. This code helps businesses identify Peat products correctly for billing, taxation, and trade purposes. With HSN Sub Chapter 2703, companies can avoid errors in invoices, simplify compliance, and enable hassle-free import/export of Peat products.

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New GST Rate for HSN Code 2703

GST Rate for Peat products under HSN Code 2703. Understand current tax rates, exemptions, and legal classifications to ensure accurate billing and GST filing.

Chapter No

27

HSN Code

2703

HSN Description

Peat (including peat litter), whether or not agglomerated

New GST Rate

40 %
Standard

Old GST Rate

5 %

Tariff HSN Codes under HSN Sub Chapter 2703

Following tariff HSN codes fall under Peat products.

Tariff HSN

27030010

Description

Peat (including peat litter), whether or not agglomerated : Peat whether or not compressed into bales, but not agglomerated

Tariff HSN

27030090

Description

Peat (including peat litter), whether or not agglomerated : Other

India’s Trade Performance — HSN Sub-Chapter 2703 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

< ₹1 Crore

+600.00% vs FY 2023-24

0.0000% of India’s total exports

India’s Imports

FY 2024-25

₹54 Cr

+79.12% vs FY 2023-24

0.0009% of India’s total imports

Trade Balance

FY 2024-25

−₹53 Cr

Trade Deficit

Surplus rank #682 of 1233 subchapters

% of Chapter 27

FY 2024-25

0.00%

Share of Chapter 27’s total exports in FY 2024-25

Import side: 0.00% of Chapter 27’s imports

Rank Within Chapter 27

FY 2024-25

#14 of 16

Position by export value among subchapters in Chapter 27

Import-side rank: #11 of 16

At a glance

23.22%

Export CAGR

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

#1186

National Export Rank

of 1233 subchapters by export value, FY 2024-25

+600.00%

Peak Growth Year

FY 2024-25 · strongest single-year move

0.00%

Contribution to Ch. 27

Share of Chapter 27 exports in FY 2024-25

India Export-Import Trade Statistics for HSN Sub-Chapter 2703

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 #1197

Balance

−11.88

Exports

< ₹1 Crore ₹ Cr

0.0000% share

— YoY

0.00% of Ch. 27

Imports

11.90 ₹ Cr

0.0003% share

— YoY

0.00% of Ch. 27

FY 2019-20 Exp. Rank #1187

Balance

−15.74

Exports

< ₹1 Crore ₹ Cr

0.0000% share

0.00% YoY

0.00% of Ch. 27

Imports

15.76 ₹ Cr

0.0005% share

+32.44% YoY

0.00% of Ch. 27

FY 2020-21 Exp. Rank #1178

Balance

−26.51

Exports

< ₹1 Crore ₹ Cr

0.0000% share

+300.00% YoY

0.00% of Ch. 27

Imports

26.59 ₹ Cr

0.0009% share

+68.72% YoY

0.00% of Ch. 27

FY 2021-22 Exp. Rank #1169

Balance

−34.62

Exports

< ₹1 Crore ₹ Cr

0.0000% share

+112.50% YoY

0.00% of Ch. 27

Imports

34.79 ₹ Cr

0.0008% share

+30.84% YoY

0.00% of Ch. 27

FY 2022-23 Exp. Rank #1197

Balance

−29.58

Exports

< ₹1 Crore ₹ Cr

0.0000% share

−88.24% YoY

0.00% of Ch. 27

Imports

29.60 ₹ Cr

0.0005% share

−14.92% YoY

0.00% of Ch. 27

FY 2023-24 Exp. Rank #1206

Balance

−29.87

Exports

< ₹1 Crore ₹ Cr

0.0000% share

−50.00% YoY

0.00% of Ch. 27

Imports

29.88 ₹ Cr

0.0005% share

+0.95% YoY

0.00% of Ch. 27

FY 2024-25 Exp. Rank #1186

Balance

−53.45

Exports

< ₹1 Crore ₹ Cr

0.0000% share

+600.00% YoY

0.00% of Ch. 27

Imports

53.52 ₹ Cr

0.0009% share

+79.12% YoY

0.00% of Ch. 27

CAGR · 7-Year

Exports

23.22% /yr

Imports

28.48% /yr

Consistently Deficit
Chapter 27 total

reference, FY 2024-25

Export

₹5,65,955.29 Cr

Import

₹18,46,145.01 Cr

Trade Balance

−12,80,189.72

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

Key Trade Insights: HSN Sub-Chapter 2703 Export-Import Analysis

Consistent Export Growth: 23.22% CAGR Over 7 Years

India's exports under HSN Sub-Chapter 2703 have grown at a compound annual rate of 23.22% over 7 fiscal years, rising from ₹0.02 Crore in FY 2018-19 to ₹0.07 Crore in FY 2024-25.

HSN Sub-Chapter 2703 Ranked #1186 Among All 1233 Subchapters by Export Value

In FY 2024-25, HSN Sub-Chapter 2703 ranks #1186 out of 1233 subchapters by total export value. Within Chapter 27, it ranks #14 of 16. By trade surplus, it ranks #682 of 1233.

FY 2024-25 Was the Strongest Growth Year for HSN Sub-Chapter 2703 Exports

The strongest single-year export movement for HSN Sub-Chapter 2703 was recorded in FY 2024-25, when exports surged by 600.00% over the prior year.

India Records a Trade Deficit of ₹53.45 Crore in HSN Sub-Chapter 2703 Goods

In FY 2024-25, India's imports of ₹53.52 Cr exceeded exports of ₹0.07 Cr, resulting in a trade deficit of ₹53.45 Crore — ranking #682 of 1233 by surplus magnitude.

Import Growth of 28.48% CAGR Signals Rising Demand for Peat products

India's imports under HSN Sub-Chapter 2703 have grown at 28.48% CAGR, reaching ₹53.52 Crore in FY 2024-25.

HSN Sub-Chapter 2703 Contributes 0.00% of Chapter 27 Exports — Ranked #14

Among the 16 subchapters under Chapter 27, HSN Sub-Chapter 2703 ranks #14 by export value — accounting for 0.00% of the chapter's total exports in FY 2024-25. On the import side, it holds 0.00% share (rank #11).

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Frequently Asked Questions

Clear answers to common queries about HSN Sub Chapter 2703 and GST compliance.

What products are classified under HSN 2703

It includes Peat products

Does MRP, weight or pack size change GST treatment for Peat products?

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.

Any import/export nuance for Peat products?

Exports are zero‑rated (with or without payment of IGST) subject to LUT/refund conditions. Imports may attract customs duties in addition to GST. Keep HSN‑wise description consistent across invoice, shipping bill and BOE.

What should my invoice and records include for Peat products?

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.

Does packaging or branding change how GST applies to Peat products?

Yes. Many food/agri goods are treated differently when sold as pre‑packaged & labelled retail packs versus loose/open packs. If Peat products is sold in small pouches (e.g., 500 g) with an MRP and label, record that on the invoice. Loose bulk bags often follow a different treatment.

How should I document Peat products sent for job work?

Use a delivery challan for sending Peat products 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.

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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