7203 HSN Code: Ferrous products, iron 99.94% purity

HSN Sub Chapter 7203 represents Ferrous products, iron 99.94% purity under GST classification. This code helps businesses identify Ferrous products, iron 99.94% purity correctly for billing, taxation, and trade purposes. With HSN Sub Chapter 7203, companies can avoid errors in invoices, simplify compliance, and enable hassle-free import/export of Ferrous products, iron 99.94% purity.

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New GST Rate for HSN Code 7203

GST Rate for Ferrous products, iron 99.94% purity under HSN Code 7203. Understand current tax rates, exemptions, and legal classifications to ensure accurate billing and GST filing.

Chapter No

72

HSN Code

7203

HSN Description

Ferrous products obtained by direct reduction of iron ore and other spongy ferrous products, in lumps, pellets or similar forms; iron having minimum purity by weight of 99.94%, in lumps, pellets or similar forms

New GST Rate

18 %
Standard

Old GST Rate

18 %

Tariff HSN Codes under HSN Sub Chapter 7203

Following tariff HSN codes fall under Ferrous products, iron 99.94% purity.

Tariff HSN

72031000

Description

Ferrous products obtained by direct reduction of iron ore

Tariff HSN

72039000

Description

Other

India’s Trade Performance — HSN Sub-Chapter 7203 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

₹4,077 Cr

+3.09% vs FY 2023-24

0.1101% of India’s total exports

India’s Imports

FY 2024-25

₹1,505 Cr

−23.83% vs FY 2023-24

0.0247% of India’s total imports

Trade Balance

FY 2024-25

₹2,573 Cr

Trade Surplus

Surplus rank #113 of 1233 subchapters

% of Chapter 72

FY 2024-25

5.21%

Share of Chapter 72’s total exports in FY 2024-25

Import side: 1.02% of Chapter 72’s imports

Rank Within Chapter 72

FY 2024-25

#6 of 29

Position by export value among subchapters in Chapter 72

Import-side rank: #12 of 29

At a glance

17.21%

Export CAGR

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

#154

National Export Rank

of 1233 subchapters by export value, FY 2024-25

+124.53%

Peak Growth Year

FY 2021-22 · strongest single-year move

5.21%

Contribution to Ch. 72

Share of Chapter 72 exports in FY 2024-25

India Export-Import Trade Statistics for HSN Sub-Chapter 7203

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 #218

Balance

+1,472.52

Exports

1,572.54 ₹ Cr

0.0685% share

— YoY

2.31% of Ch. 72

Imports

100.02 ₹ Cr

0.0028% share

— YoY

0.11% of Ch. 72

FY 2019-20 Exp. Rank #205

Balance

+1,602.35

Exports

1,728.68 ₹ Cr

0.0783% share

+9.93% YoY

2.63% of Ch. 72

Imports

126.33 ₹ Cr

0.0038% share

+26.30% YoY

0.17% of Ch. 72

FY 2020-21 Exp. Rank #281

Balance

+993.35

Exports

1,124.87 ₹ Cr

0.0523% share

−34.93% YoY

1.25% of Ch. 72

Imports

131.52 ₹ Cr

0.0045% share

+4.11% YoY

0.21% of Ch. 72

FY 2021-22 Exp. Rank #193

Balance

+2,416.78

Exports

2,525.62 ₹ Cr

0.0805% share

+124.53% YoY

1.48% of Ch. 72

Imports

108.84 ₹ Cr

0.0024% share

−17.24% YoY

0.12% of Ch. 72

FY 2022-23 Exp. Rank #156

Balance

+2,825.93

Exports

3,800.98 ₹ Cr

0.1050% share

+50.50% YoY

3.56% of Ch. 72

Imports

975.05 ₹ Cr

0.0170% share

+795.86% YoY

0.68% of Ch. 72

FY 2023-24 Exp. Rank #154

Balance

+1,979.91

Exports

3,955.11 ₹ Cr

0.1093% share

+4.06% YoY

4.03% of Ch. 72

Imports

1,975.20 ₹ Cr

0.0352% share

+102.57% YoY

1.28% of Ch. 72

FY 2024-25 Exp. Rank #154

Balance

+2,572.78

Exports

4,077.29 ₹ Cr

0.1101% share

+3.09% YoY

5.21% of Ch. 72

Imports

1,504.51 ₹ Cr

0.0247% share

−23.83% YoY

1.02% of Ch. 72

CAGR · 7-Year

Exports

17.21% /yr

Imports

57.12% /yr

Consistently Surplus
Chapter 72 total

reference, FY 2024-25

Export

₹78,223.76 Cr

Import

₹1,47,109.35 Cr

Trade Balance

−68,885.59

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

Key Trade Insights: HSN Sub-Chapter 7203 Export-Import Analysis

Consistent Export Growth: 17.21% CAGR Over 7 Years

India's exports under HSN Sub-Chapter 7203 have grown at a compound annual rate of 17.21% over 7 fiscal years, rising from ₹1,572.54 Crore in FY 2018-19 to ₹4,077.29 Crore in FY 2024-25.

HSN Sub-Chapter 7203 Ranked #154 Among All 1233 Subchapters by Export Value

In FY 2024-25, HSN Sub-Chapter 7203 ranks #154 out of 1233 subchapters by total export value. Within Chapter 72, it ranks #6 of 29. By trade surplus, it ranks #113 of 1233.

FY 2021-22 Was the Strongest Growth Year for HSN Sub-Chapter 7203 Exports

The strongest single-year export movement for HSN Sub-Chapter 7203 was recorded in FY 2021-22, when exports surged by 124.53% over the prior year.

India Maintains a Trade Surplus of ₹2,572.78 Crore in HSN Sub-Chapter 7203 Goods

In FY 2024-25, India's exports of ₹4,077.29 Cr exceeded imports of ₹1,504.51 Cr, resulting in a trade surplus of ₹2,572.78 Crore — ranking #113 of 1233 by surplus magnitude.

Import Growth of 57.12% CAGR Signals Rising Demand for Ferrous products, iron 99.94% purity

India's imports under HSN Sub-Chapter 7203 have grown at 57.12% CAGR, reaching ₹1,504.51 Crore in FY 2024-25.

HSN Sub-Chapter 7203 Contributes 5.21% of Chapter 72 Exports — Ranked #6

Among the 29 subchapters under Chapter 72, HSN Sub-Chapter 7203 ranks #6 by export value — accounting for 5.21% of the chapter's total exports in FY 2024-25. On the import side, it holds 1.02% share (rank #12).

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Frequently Asked Questions

Clear answers to common queries about HSN Sub Chapter 7203 and GST compliance.

What products are classified under HSN 7203

It includes Ferrous products, iron 99.94% purity

How are warranty replacements of Ferrous products, iron 99.94% purity handled?

If replacement is without consideration under a pre‑agreed warranty, issue a delivery challan and reference the original invoice/contract. If consideration is charged, raise a tax invoice. Keep serial/lot details for traceability.

Any import/export nuance for Ferrous products, iron 99.94% purity?

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.

How should I document Ferrous products, iron 99.94% purity sent for job work?

Use a delivery challan for sending Ferrous products, iron 99.94% purity 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.

Is the composition scheme suitable if I mainly trade Ferrous products, iron 99.94% purity?

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.

Do spares or accessories of Ferrous products, iron 99.94% purity 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.

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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