7224 HSN Code: Other alloy steel products

HSN Sub Chapter 7224 represents Other alloy steel products under GST classification. This code helps businesses identify Other alloy steel products correctly for billing, taxation, and trade purposes. With HSN Sub Chapter 7224, companies can avoid errors in invoices, simplify compliance, and enable hassle-free import/export of Other alloy steel products.

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New GST Rate for HSN Code 7224

GST Rate for Other alloy steel products under HSN Code 7224. Understand current tax rates, exemptions, and legal classifications to ensure accurate billing and GST filing.

Chapter No

72

HSN Code

7224

HSN Description

Other alloy steel in ingots or other primary forms; semi-finished products of other alloy steel

New GST Rate

18 %
Standard

Old GST Rate

18 %

Tariff HSN Codes under HSN Sub Chapter 7224

Following tariff HSN codes fall under Other alloy steel products.

Tariff HSN

72241000

Description

Ingots and other primary forms

Tariff HSN

72249010

Description

Other : Of tool steel quality

Tariff HSN

72249020

Description

Other : Of die steel quality

Tariff HSN

72249030

Description

Other : Of cobalt bearing high speed steel quality

Tariff HSN

72249040

Description

Other : Forged blanks of alloy steel

Tariff HSN

72249091

Description

Other : Other : Billets

Tariff HSN

72249099

Description

Other : Other : Other

India’s Trade Performance — HSN Sub-Chapter 7224 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

₹1,500 Cr

+442.31% vs FY 2023-24

0.0405% of India’s total exports

India’s Imports

FY 2024-25

₹246 Cr

−26.28% vs FY 2023-24

0.0040% of India’s total imports

Trade Balance

FY 2024-25

₹1,255 Cr

Trade Surplus

Surplus rank #167 of 1233 subchapters

% of Chapter 72

FY 2024-25

1.92%

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

Import side: 0.17% of Chapter 72’s imports

Rank Within Chapter 72

FY 2024-25

#10 of 29

Position by export value among subchapters in Chapter 72

Import-side rank: #27 of 29

At a glance

34.98%

Export CAGR

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

#319

National Export Rank

of 1233 subchapters by export value, FY 2024-25

+442.31%

Peak Growth Year

FY 2024-25 · strongest single-year move

1.92%

Contribution to Ch. 72

Share of Chapter 72 exports in FY 2024-25

India Export-Import Trade Statistics for HSN Sub-Chapter 7224

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 #569

Balance

−784.11

Exports

248.01 ₹ Cr

0.0108% share

— YoY

0.36% of Ch. 72

Imports

1,032.12 ₹ Cr

0.0287% share

— YoY

1.17% of Ch. 72

FY 2019-20 Exp. Rank #768

Balance

−435.01

Exports

79.92 ₹ Cr

0.0036% share

−67.78% YoY

0.12% of Ch. 72

Imports

514.93 ₹ Cr

0.0153% share

−50.11% YoY

0.68% of Ch. 72

FY 2020-21 Exp. Rank #546

Balance

−102.88

Exports

268.42 ₹ Cr

0.0125% share

+235.86% YoY

0.30% of Ch. 72

Imports

371.30 ₹ Cr

0.0127% share

−27.89% YoY

0.61% of Ch. 72

FY 2021-22 Exp. Rank #756

Balance

−158.99

Exports

116.95 ₹ Cr

0.0037% share

−56.43% YoY

0.07% of Ch. 72

Imports

275.94 ₹ Cr

0.0060% share

−25.68% YoY

0.29% of Ch. 72

FY 2022-23 Exp. Rank #646

Balance

−42.74

Exports

253.12 ₹ Cr

0.0070% share

+116.43% YoY

0.24% of Ch. 72

Imports

295.86 ₹ Cr

0.0051% share

+7.22% YoY

0.21% of Ch. 72

FY 2023-24 Exp. Rank #634

Balance

−56.71

Exports

276.64 ₹ Cr

0.0076% share

+9.29% YoY

0.28% of Ch. 72

Imports

333.35 ₹ Cr

0.0059% share

+12.67% YoY

0.22% of Ch. 72

FY 2024-25 Exp. Rank #319

Balance

+1,254.52

Exports

1,500.26 ₹ Cr

0.0405% share

+442.31% YoY

1.92% of Ch. 72

Imports

245.74 ₹ Cr

0.0040% share

−26.28% YoY

0.17% of Ch. 72

CAGR · 7-Year

Exports

34.98% /yr

Imports

−21.27% /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 7224 Export-Import Analysis

Consistent Export Growth: 34.98% CAGR Over 7 Years

India's exports under HSN Sub-Chapter 7224 have grown at a compound annual rate of 34.98% over 7 fiscal years, rising from ₹248.01 Crore in FY 2018-19 to ₹1,500.26 Crore in FY 2024-25.

HSN Sub-Chapter 7224 Ranked #319 Among All 1233 Subchapters by Export Value

In FY 2024-25, HSN Sub-Chapter 7224 ranks #319 out of 1233 subchapters by total export value. Within Chapter 72, it ranks #10 of 29. By trade surplus, it ranks #167 of 1233.

FY 2024-25 Was the Strongest Growth Year for HSN Sub-Chapter 7224 Exports

The strongest single-year export movement for HSN Sub-Chapter 7224 was recorded in FY 2024-25, when exports surged by 442.31% over the prior year.

India Maintains a Trade Surplus of ₹1,254.52 Crore in HSN Sub-Chapter 7224 Goods

In FY 2024-25, India's exports of ₹1,500.26 Cr exceeded imports of ₹245.74 Cr, resulting in a trade surplus of ₹1,254.52 Crore — ranking #167 of 1233 by surplus magnitude.

Import Growth of −21.27% CAGR Signals Stable Import Dependency for Other alloy steel products

India's imports under HSN Sub-Chapter 7224 have grown at −21.27% CAGR, reaching ₹245.74 Crore in FY 2024-25.

HSN Sub-Chapter 7224 Contributes 1.92% of Chapter 72 Exports — Ranked #10

Among the 29 subchapters under Chapter 72, HSN Sub-Chapter 7224 ranks #10 by export value — accounting for 1.92% of the chapter's total exports in FY 2024-25. On the import side, it holds 0.17% share (rank #27).

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Frequently Asked Questions

Clear answers to common queries about HSN Sub Chapter 7224 and GST compliance.

What products are classified under HSN 7224

It includes Other alloy steel products

How should I document Other alloy steel products sent for job work?

Use a delivery challan for sending Other alloy steel 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.

Does packaging or branding change how GST applies to Other alloy steel products?

Yes. Many food/agri goods are treated differently when sold as pre‑packaged & labelled retail packs versus loose/open packs. If Other alloy steel 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 do I bill a kit or combo that includes Other alloy steel products?

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.

What should my invoice and records include for Other alloy steel 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 MRP, weight or pack size change GST treatment for Other alloy steel 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.

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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